Selling More CDS on Europe Debt Raises Risk for U.S. Banks

This is why Wall Street banks will need another bailout:  unmitigated and unaccounted for counterparty risk.

http://www.bloomberg.com/news/2011-11-01/selling-more-insurance-on-shaky-european-debt-raises-risk-for-u-s-banks.html

Two words:  Lehman and AIG.