The following link describes one of the risks with credit swaps. Although it's a little detailed, I think it's very interesting and disturbing at the same time. Take the time to read and understand its implications, then impress your clients and prospects.
Good read. That is a $45,000,000,000,000 house of cards. The powers that be will do anything and everything to keep the system afloat. Information travels at lightspeed. Time will tell.