Credit Default Swaps 101 - NYTimes

Sunday's NYTimes has a nice explanation of Credit Default Swaps (CDS) and the problems arising in that huge market.

This part makes me wonder if JPMorgan really is going to able to skirt all the damage from this debt and derivative fall out:

JPMorgan Chase, with $7.8 trillion, is the largest player; Citibank and Bank of America are behind it with $3 trillion and $1.6 trillion respectively.

Short on JPM, anyone? (Doug Kass said he just recently went short JPM on TV Friday night).