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Comment: Re:enough lies please (Score 1) 791

by EdgeyEdgey (#36939828) Attached to: How and Why Wall Street Programmers Earn Top Salaries

CDS had no financial backing other than the name and reputation of the company issuing them.

No, a CDS contract usually requires collateral to be deposited equal to the change in the value of the contract. This way the reputation of the issuer is irrelevant. This was the downfall of AIG as they didn't account for all the collateral they had to post when lehman & other banks went south. P.s. In the case of CDO's the problem was working out the current value of the contract, nothing to do with collateral.

Comment: Make things less valuble (Score 1) 291

by EdgeyEdgey (#36693630) Attached to: Sony Introduces 'PSN Pass' To Fight Used Game Sales
This lowers the resale value, making consumers less likely to buy that game. If it is employed on all future PS3 games then this will make the console less attractive. Sony obviously think that they generate more money by encouraging 2nd hand buyers to buy first hand than they get by charging a premium to early adopters.

"There is hopeful symbolism in the fact that flags do not wave in a vacuum." --Arthur C. Clarke

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