Big Short :
Morgan Stanley sold
-15 bil$ in CDS(pay 1: 200) over A/AA
-15 bil $ *200 times = -3 000 bil $(-3 tril $)
Who buy 15bil $ CDS over A/AA - someone must pay premiums 7%*15bil $ = 1 bil/year?
Only brawnfiled fund knows about A/AA = 85% shits( https://youtu.be/II4Ct2n5FiE)
Jim Chanos :
banks(too big to jail) buy CDS of other Banks(too big to jail)