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Gherkin Gone Sour

Gherkin Gone Sour
The Swiss Re Building at 30 St. Mary's Axe (London really has some weird names for their streets). Due to its shape, it's much more commonly-known as The Gherkin.

In November 2007, Swiss Reinsurance Company announced that it's lost CHF (Swiss Franc) 1.2-billion (USD $ 1.07-billion) from the U.S. subprime mortgage mess. It turned out that Swiss Re has entered into credit default swap agreements with other financial institutions against mortgage defaults. As homeowners in the U.S. began to default on their mortgage payments, Swiss Re became responsible for some of the loan losses.

Well, we all know how U.S. banks had been giving their loans away to people with no jobs, no fixed address and on welfare to buy houses. Now everyone is paying for the mistakes made by greedy banks and naive consumers alike.

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