Sentence examples for sold default from inspiring English sources

With defaults rising, companies that sold default insurance are getting hammered.

For instance, Barclays, which voted against swaps activation on Thursday, had sold default protection on $5.92 billion of swaps on Greek debt, and bought $5.81 billion of protection, as of Sept. 30 last year, according to the European Banking Authority.

While JPMorgan has been reluctant to share the details of the transactions, it is believed that the London trader, Bruno Iksil, sold default protection on a specific index: the CDX IG 9.

Some companies that have sold default insurance to investors may also face losses if Argentina has a default rating, said Peter Petas, a debt analyst at CreditSights, an independent credit research company.

What began as insurance, however, turned quickly into speculation as financial institutions bought or sold credit default swaps on assets that they did not own.

At the same time, it has also been said that various parties in this battle have either bought or sold credit default swap contracts on Norske Skog.

Howard was 27 and had recently been made redundant by HSBC, where he sold credit default swaps, a form of derivative that became notorious during the financial crisis.

Joseph Cassano, AIG Financial Products Cassano ran the AIG team that sold credit default swaps in London, and in effect bankrupted the world's biggest insurance company, forcing the US government to stump up billions in aid.

The A.I.G. financial unit that sold credit default swaps did not have the wherewithal to make good on its obligations, but leeched off the AAA rating of the company's strong insurance business.

In the case of A.I.G., the Fed's loans were collateralized by the entire assets of the firm, based on the observation that A.I.G. had potentially huge losses at its unit that sold credit default swaps but the rest of the firm was a successful insurer.

To help investors get a grip on the financial implications for companies that have sold credit default swaps, the F.A.S.B. has suggested a list of new disclosures to be effective in financial statements for fiscal years that end after Nov. 15, 2008.