Moody's swaps bail-in bet splits banks and buy side

Asset managers wary of assumptions that make swap counterparts look stronger

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Buy-side firms are not ready to take the plunge. Pic: Stephen Lee

Moody's Investors Service recently did something brave and far-sighted. Or, perhaps, reckless and wrong-headed. It will be hard to tell until the next time a big bank is staggering into the void