Golden passports and credit default swaps
The Hustle Daily Show
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Credit Suisse Credit Default Swaps - Are Credit Suites in Trouble?
Shares in the Swiss banking giant Credit Suisse have gone on a wild ride. This all follows rumors about liquidity challenges at the bank that sent its credit default swaps surging. Speculators can trade these swaps like playing cards, and what they'll do is buy swaps on companies that they think are in trouble. For a hefty fee, somebody can become a citizen of Malta and procure a Maltese passport which allows visa-free travel throughout Europe.
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