Even worse, if the CDSs protecting a company's investments grow to be worthless, the corporate is forced to rewrite their steadiness sheet to mirror the losses, since the failed investment wasn't covered by the swaps. Heavy losses can cause the value of an institution to plummet. If this happens to many institutions at the identical time -- and the CDSs every institution took out can't be paid out -- then the situation can turn into dire for complete markets in a chain reaction.

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Probably the most notable got here in 1978. On the time, the Red Sox held a commanding lead within the American League Jap Division. Late in the season, the Yankees surged as the Pink Sox collapsed. The rivals have been tied at the top of the regular season. They performed a one-recreation playoff to decide the division champion. The winner would advance to the pennant. The Crimson Sox misplaced the game 5-4 on the power of a Bucky Dent homerun.