Sean Corrigan, our man in Switzerland, sends along this press quote: “Swiss Reinsurance Co., the world’s biggest reinsurer, lost 1.2 billion Swiss francs ($1.07 billion) on derivatives in October after the U.S. subprime mortgage crash roiled debt markets. “Swiss Re fell the most in more than 4 1/2 years in Zurich trading on the loss, which amounts to 981 million francs after tax. Losses occurred on two credit-default swaps Swiss Re sold to protect clients against declines in investments backed mostly by mortgages, the Zurich-based company said today. “‘We clearly made some poor choices,’ Roger Ferguson, the former U.S. Federal … Continue reading So Much for Greenspanism and Corporativisimo