ed devlin, former cofounder of the pimco team here.ncome world and now the world is reacting to what we have quickly learned is a massive wipeout for bondholders. what was your reaction to that development? ed: one thing people have to recognize, this at1, this new market for dp subordinated debt, after the old financial crisis, european debt crisis, they were done in an ad hoc way. you cannot generalize that this will happen all across. you have to read each security, understand how they are structured. these particular securities were very strict on their write-downs. others have different triggers. you cannot say that this is bad for everything. kriti: what does that then mean for incentivizing people to hop into these kinds of bonds? not necessarily for credit suisse or be at dez ubs specifically but other european banks that depend on them? ed: all banks depend on them. this will put a little bit of a taint over this market for some time, as some people may have been a little complacent, did not check alltaint the terms and condit