Credit default swaps | Finance & Capital Markets | Khan Academy



Sebagai contoh, saya adalah seorang pensiunan dan saya memiliki uang pensiun untuk dipinjamkan ke orang lain. Dan saya mau meminjamkannya, karena dengan demikian saya dapat memperoleh bunga dari uang itu, daripada uang itu dibiarkan begitu saja dan tidak melakukan apa-apa. Dan jika saya pinjamkan uang itu ke seseorang yang bukan pemerintah, saya akan mendapat bunga yang lebih baik. Jadi, katakanlah – saya gambarkan – saya ini dana pensiun Mungkin saya gambar dengan warna magenta. Ini saya, dana pensiun. – Dan ada beberapa perusahaan, misalnya GM, mereka memproduksi mobil. Mungkin kamu pernah mendengarnya. Perusahaan GM. Kita panggil saja dengan perusahaan A. – Mereka perlu meminjam uang, mungkin untuk membeli pabrik atau sesuatu yang lain, kita tidak akan ikut campur untuk apa mereka akan memakai uang itu. Dan saya ingin meminjamkan uang kepada mereka. Tapi ada masalah di sini. Saya adalah dana pensiun. Saya mengurus dana pensiun untuk guru di California, atau untuk pekerja di Michigan, atau apapun. Dan bagian dari persetujuannya berisi kalau saya hanya dapat menginvestasikannya di investasi yang sangat aman. Maka saya tidak diperbolehkan untuk berjudi dengan uang orang lain, karena ini adalah uang pensiun orang banyak. Maka saya tidak boleh sembarangan menggunakan uang itu. Saya hanya dapat menginvestasikannya di investasi yang memiliki rating AAA, atau AA. Saya hanya memberi contoh dengan ini. AAA adalah rating tertinggi untuk sekuriti, bukan? Inilah mereka yang memiliki kemungkinan paling kecil untuk gagal bayar. Tapi perusahaan A hanya diberi rating, saya tidak tahu, katakanlah ratingnya BB. Dan sebenarnya, ini waktu yang baik untuk berpikir siapa yang membri rating ini. Mungkin kamu berpikir, oh, seharusnya pemerintah. karena hanya pemerintah yang akan bertindak secara objektif untuk memberi perusahaan-perusahaan ini rating yang objektif. Namun, bukan begitu. Mereka adalah perusahaan privat, yang dibayar untuk memberi rating.

42 thoughts on “Credit default swaps | Finance & Capital Markets | Khan Academy

  • seems if they were called "insurance" they would legally need to have collateral. But "swaps" are not so regulated, and don't need to back up their "promise to pay."

  • In the Big Short they were buying CDS for mortgages that they did not own. Im confused, is that like me taking an insurance for a car I dont even own? Is that even legal?

  • Doesn't 1B dollars of assets set aside for 1T dollars of potential payout essentially mean that the probability of the company going bust is 0.001? So essentially 1T x 0.001 = 1B dollars? You could question the calculation of the probability though.

  • In your example, shouldn't AIG have a basic reserve, call it a rate of solvency or something that AIG must keep as a guarantee?

  • Lol this is a productive day for me. First the awesome Matt Damon narrated documentary, Inside Job, the the big short and then these vids. I love knowledge. 😉

  • I thought this video was great. Had no idea how CDS works but now I do. On top of that I also understand the massive risk with this! Thanks so much

  • So were these funds limited by the rating companies and their ratings, or were they limited by basel II ? which one was the bigger factor in why they sought after the swaps

  • Somebody I think already asked this too.

    But if I'm the CDS seller and I will insure company A for 1% return annually, why not just have the CDS seller buy the bonds themselves then? Either way they company A goes bankrupt they have to pay the full bond price so I don't see why they wouldn't just buy the bond themselves such that they ge touch higher returns

  • Why would AIG support the risk for only 1%/year when they could have bought A's bounds and get 10%/year ? Is it juste because AIG want's to keep its asset and can't just lock the 1B?
    If the 10% fee payed by B correspond to a 10% default probability, by asking for a 1% premium they are statistically losing money by covering the risk, while the fund makes 90% of the profit with no risk at all …
    Makes no sense to me, but again, I only have a PhD and a good understanding of statistics and probability …

  • Why are you assuming the government would be more objective with its ratings? The government's main business is being bought out by special interests, subsidizing, bailing out, picking winners and losers.

  • Why would AIG act as insurers when they can act as debt/loab brokers all they have to do is accept less interest rate maybe 25bp/50bp. Yeah they get less interest but they don't have to pay the pension funds back if other corporations defaulted. It's no risk for them while they're getting constant flow of money as long as the corporations are paying interest to the pension funds.

  • There's no problem with private rating agencies. The problem is, when the government prevent new rating agencies on the market. Today's rating agencies became a cartel.

  • Question: I will use your examples to hopefully explain the question properly…

    Could a fund (CA pension fund) buy multiple insurance policies or CDS with different insurance corporations? Meaning if they loan $1B to Business A and insure that with a CDS of 1% of the 10% premium they are earning from Business A. Then do exactly the same thing with another insurance company (thus losing 2% of their 10% premium) doesn't this practically double the amount they have loaned should Business A default? As they will receive the $1B from insurance A, then another $1B from insurance B?

    Hope this question makes sense! Thanks!

  • These videos are amazing. There's room for improvement in the aesthetics but other than that they're very eye opening. Thank you for sharing this knowledge for free.

  • Hey Salmaan, could you please make a video explaining the' big short movie' and the big financial crisis in 2008? Thanks.

  • "Hey wait, wait, wait, AIG. You only have 100 billion dollars in assets, but you have insured 1 trillion dollars of other people's debts!"
    Lmao I laughed so hard at this.

  • so basically the aaa is telling you its ok to give money to bb, which is moodys job to say if it is ok or not. how the hell can this happen is this even legal to begin with?

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