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Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis

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Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis CREDIT DEFAULT SWAPS ON GOVERNMENT DEBT: POTENTIAL IMPLICATIONS OF THE GREEK DEBT CRISIS HEARING BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS SECOND SESSION APRIL 29, 2010 Printed for the use of the Committee on Financial Services Serial No. 111–130 ( U.S. GOVERNMENT PRINTING OFFICE 57–748 PDF WASHINGTON : 2010 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\57748.TXT TERRIE HOUSE COMMITTEE ON FINANCIAL SERVICES BARNEY FRANK, Massachusetts, Chairman PAUL E. KANJORSKI, Pennsylvania SPENCER BACHUS, Alabama MAXINE WATERS, California MICHAEL N. CASTLE, Delaware CAROLYN B. MALONEY, New York PETER T. KING, New York LUIS V. GUTIERREZ, Illinois EDWARD R. ROYCE, California NYDIA M. VELA´ ZQUEZ, New York FRANK D. LUCAS, Oklahoma MELVIN L. WATT, North Carolina RON PAUL, Texas GARY L. ACKERMAN, New York DONALD A. MANZULLO, Illinois BRAD SHERMAN, California WALTER B. JONES, JR., North Carolina GREGORY W. MEEKS, New York JUDY BIGGERT, Illinois DENNIS MOORE, Kansas GARY G. MILLER, California MICHAEL E. CAPUANO, Massachusetts SHELLEY MOORE CAPITO, West Virginia RUBE´ N HINOJOSA, Texas JEB HENSARLING, Texas WM. LACY CLAY, Missouri SCOTT GARRETT, New Jersey CAROLYN MCCARTHY, New York J. GRESHAM BARRETT, South Carolina JOE BACA, California JIM GERLACH, Pennsylvania STEPHEN F. LYNCH, Massachusetts RANDY NEUGEBAUER, Texas BRAD MILLER, North Carolina TOM PRICE, Georgia DAVID SCOTT, Georgia PATRICK T. MCHENRY, North Carolina AL GREEN, Texas JOHN CAMPBELL, California EMANUEL CLEAVER, Missouri ADAM PUTNAM, Florida MELISSA L. BEAN, Illinois MICHELE BACHMANN, Minnesota GWEN MOORE, Wisconsin KENNY MARCHANT, Texas PAUL W. HODES, New Hampshire THADDEUS G. McCOTTER, Michigan KEITH ELLISON, Minnesota KEVIN McCARTHY, California RON KLEIN, Florida BILL POSEY, Florida CHARLES A. WILSON, Ohio LYNN JENKINS, Kansas ED PERLMUTTER, Colorado CHRISTOPHER LEE, New York JOE DONNELLY, Indiana ERIK PAULSEN, Minnesota BILL FOSTER, Illinois LEONARD LANCE, New Jersey ANDRE´ CARSON, Indiana JACKIE SPEIER, California TRAVIS CHILDERS, Mississippi WALT MINNICK, Idaho JOHN ADLER, New Jersey MARY JO KILROY, Ohio STEVE DRIEHAUS, Ohio SUZANNE KOSMAS, Florida ALAN GRAYSON, Florida JIM HIMES, Connecticut GARY PETERS, Michigan DAN MAFFEI, New York JEANNE M. ROSLANOWICK, Staff Director and Chief Counsel (II) VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 K:\DOCS\57748.TXT TERRIE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES PAUL E. KANJORSKI, Pennsylvania, Chairman GARY L. ACKERMAN, New York SCOTT GARRETT, New Jersey BRAD SHERMAN, California TOM PRICE, Georgia MICHAEL E. CAPUANO, Massachusetts MICHAEL N. CASTLE, Delaware RUBE´ N HINOJOSA, Texas PETER T. KING, New York CAROLYN MCCARTHY, New York FRANK D. LUCAS, Oklahoma JOE BACA, California DONALD A. MANZULLO, Illinois STEPHEN F. LYNCH, Massachusetts EDWARD R. ROYCE, California BRAD MILLER, North Carolina JUDY BIGGERT, Illinois DAVID SCOTT, Georgia SHELLEY MOORE CAPITO, West Virginia NYDIA M. VELA´ ZQUEZ, New York JEB HENSARLING, Texas CAROLYN B. MALONEY, New York ADAM PUTNAM, Florida MELISSA L. BEAN, Illinois J. GRESHAM BARRETT, South Carolina GWEN MOORE, Wisconsin JIM GERLACH, Pennsylvania PAUL W. HODES, New Hampshire JOHN CAMPBELL, California RON KLEIN, Florida MICHELE BACHMANN, Minnesota ED PERLMUTTER, Colorado THADDEUS G. McCOTTER, Michigan JOE DONNELLY, Indiana RANDY NEUGEBAUER, Texas ANDRE´ CARSON, Indiana KEVIN McCARTHY, California JACKIE SPEIER, California BILL POSEY, Florida TRAVIS CHILDERS, Mississippi LYNN JENKINS, Kansas CHARLES A. WILSON, Ohio BILL FOSTER, Illinois WALT MINNICK, Idaho JOHN ADLER, New Jersey MARY JO KILROY, Ohio SUZANNE KOSMAS, Florida ALAN GRAYSON, Florida JIM HIMES, Connecticut GARY PETERS, Michigan (III) VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 K:\DOCS\57748.TXT TERRIE VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 K:\DOCS\57748.TXT TERRIE C O N T E N T S Page Hearing held on: April 29, 2010 ................................................................................................... 1 Appendix: April 29, 2010 ................................................................................................... 47 WITNESSES THURSDAY, APRIL 29, 2010 Duffie, Darrell, Professor of Finance, Graduate School of Business, Stanford University ............................................................................................................. 14 Johnson, Robert, Director of Global Finance, Roosevelt Institute ....................... 9 Mason, Joseph R., Louisiana Bankers Association Professor of Finance, Lou- isiana State University ........................................................................................ 17 Pickel, Robert, Executive Vice Chairman, International Swaps and Deriva- tives Association, Inc. .......................................................................................... 12 Sanders, Anthony B., Distinguished Professor of Finance, George Mason Uni- versity ................................................................................................................... 15 APPENDIX Prepared statements: Kanjorski, Hon. Paul E. ................................................................................... 48 Duffie, Darrell ................................................................................................... 50 Johnson, Robert ................................................................................................ 64 Mason, Joseph R. .............................................................................................. 81 Pickel, Robert .................................................................................................... 94 Sanders, Anthony B. ........................................................................................ 103 (V) VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 K:\DOCS\57748.TXT TERRIE VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00006 Fmt 5904 Sfmt 5904 K:\DOCS\57748.TXT TERRIE CREDIT DEFAULT SWAPS ON GOVERNMENT DEBT: POTENTIAL IMPLICATIONS OF THE GREEK DEBT CRISIS Thursday, April 29, 2010 U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES, COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The subcommittee met, pursuant to notice, at 10:05 a.m., in room 2128, Rayburn House Office Building, Hon. Paul E. Kanjorski [chairman of the subcommittee] presiding. Members present: Representatives Kanjorski, Sherman, Lynch, Maloney, Perlmutter, Donnelly, Carson, Foster, Minnick, Adler, Himes; Garrett, Manzullo, Hensarling, Neugebauer, and Jenkins. Ex officio present: Representative Bachus. Chairman KANJORSKI. This hearing of the Subcommittee on Cap- ital Markets, Insurance, and Government Sponsored Enterprises will come to order. Pursuant to committee rules, each side will have 15 minutes for opening statements. Without objection, all members’ opening state- ments will be made a part of the record. Good morning. At the request of our colleague, Congresswoman Maloney, we gather today to examine important policy questions that have arisen from the Greek debt crisis. The crisis, which quietly evolved over a number of years, has demonstrated that in- novative Wall Street bankers, acting alone or in concert with their clients, have the potential to destabilize not only a single country but an entire economic region, especially if transactions they con- coct distort transparency or heighten speculation. Among other things, this hearing will allow us to explore wheth- er the titans of Wall Street act as traders of government debt by underwriting bonds, or traitors of governments by using credit de- fault swaps to gamble that sovereign debt will fail. Those who bet on and seek to cause the default of a government are as bad as Benedict Arnold. When used for genuine hedging purposes, credit default swaps are an appropriate financial tool. But when these instruments are used for speculation, they have the potential to become a Trojan horse that will insidiously infect our markets. Some very smart and sophisticated investors have characterized naked credit default (1) VerDate Nov 24 2008 16:07 Sep 14, 2010 Jkt 057748 PO 00000 Frm 00007 Fmt 6633 Sfmt 6633 K:\DOCS\57748.TXT TERRIE 2 swaps as ‘‘weapons of mass destruction’’ that can create imaginary value out of thin air. The tragic situation in Greece underscores the urgent need for Wall Street reform at home. Some recent news reports suggest that bankers crafted derivatives to hide Greek debt, and other stories note that the U.S. market for credit default swaps on municipal debt is growing. Congress must respond by creating more transparency in our de- rivatives markets, as provided for in the House-passed bill. The de- rivatives bill recently approved by the Senate Agriculture Com- mittee similarly advances the goal of greater disclosure. Additionally, the response of the markets to the Greek debt crisis raises more questions about the utility of rating agencies. As we all
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