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<p>[QUOTE=&quot;desertgem, post: 1364795, member: 15199&quot;]Inflexion, have you read the info on the ISDA&nbsp; on their website? Here is the list of agencies including the banks that are members. <a href="http://www.isda.org/membership/isdamemberslist.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.isda.org/membership/isdamemberslist.pdf" rel="nofollow">http://www.isda.org/membership/isdamemberslist.pdf</a>. There are 197 primary members and 287 Associate members.&nbsp; The decisions on these CDO and other derivatives as to default, etc., is done by a &quot;DC&quot; as is described below.</p><p><br /></p><p>from <a href="http://www.isda.org/credit/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.isda.org/credit/" rel="nofollow">http://www.isda.org/credit/</a></p><p><br /></p><p>and when you go farther into the events that can trigger the CDO payouts, there are cut off levels and depend on whether a &quot;default&quot; is a direct one rather than a voluntary one. That is why the Greece bondholders had to take a &quot;voluntary&quot; 60%( or there about) to prevent a&nbsp; payout, which many of the European banks ( see list of primary above) would become responsible to pay. IMO, Greece effectively blackmailed them into doing it, and now they say they need more money or they could default! The Greeks know how to play hardball. I imagine German citizens are getting more rebellious. I do not believe that BAC being in the ISDA had anything to do with their increase, as the ISDA is a non-voting member of the various DC. BAC was a depressed stock and Medoraman had the background, brains, and a little luck <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> to call it. </p><p>Jim</p><p><br /></p><p>edit: I didn&#039;t know Chris had posted the above response while Iwaas typing. Don&#039;t mean to pile on .[/QUOTE]</p><p><br /></p>

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