Shed another tear for poor old Sears Roebuck

Sears troubles are so bad that banks are leery of lending to Sears.  According to the Wall St Journal Sears investors had to pay $4.62 million in bond insurance (a credit default swap) to insure a Sears $10 million for five years bond.  That' $924,000 a year, or 9.24% a year.  That's pure usury.  Or, the investors view Sears as so likely to default that they don't want to risk their money.