Learning to play around with loans
“The first time someone showed me one of these trades I thought to myself: something’s not right here. How can this bank afford to pay away its credit risk that way?”
A typical reaction to a credit derivative from a corporate banker. Even more typical, one might think, for one running the corporate banking desk at the New York office of a regional Italian bank, Banca CRT (otherwise known as Cassa di Risparmio di Torino).
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