Active interest this morning in Credit Default Swaps on New York Munis. Not surprising given that New York is going to take it on the chin if the recent slew of bonus-bans takes hold. To the extent taxes are a municipality's lifeblood, New York is about to get exsanguinated.
9-Figure Fine Might Have A Negative Effect On Bonuses: RBS
Those rate rigging penalties aren't going to pay for themselves.