Igy, one of the things that bothers me most is the constant fudging, and lack of accountability...fudging values as in CoCos to make it look as though the regulators are achieving their goals, while not requiring reserves on swaps.
Yes, when things go south, the amounts paid out on swaps are negotiated, but still...
Most people don't realize how recent these things are, and how little time it has taken for it to get out of all reasonable scale.
I still haven't found out where in the world to settle things financially. Many people tell me many things, but the upshot is that the world has become a small place, if you want clean water and some semblance of rule of law.
These are amazing times.