Stewart Criticism
In the wake of the Hovnanian controversy, Bennett Goodman, one of the founders of GSO, said that Blackstone would back revamping the standards that govern CDS trades. Blackstone wasn’t formally part of the group that reached the preliminary agreement, one of the people said, but there is no indication it will oppose the plan.
Representatives for Blackstone, JPMorgan, Goldman Sachs, Apollo and Ares didn’t immediately respond to requests for comment on the proposal.
Other manufactured defaults that have led to outrage include transactions involving Radio operator iHeartMedia Inc., paper maker Norske Skog and Spanish gaming company Codere SA. Back in 2013, Jon Stewart even criticized Blackstone on "The Daily Show” for persuading Codere to delay an interest payment and trigger payouts on its CDS.
This article provided by Bloomberg News.