Credit default swaps are insurance products. It’s time we regulated them as such.

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Credit default swaps are insurance products. It’s time we regulated them as such.

CEA

Linked by The Big Picture ( track newsfeed | ignore newsfeed ) - March 17, 09:00AM from (www.ritholtz.com)

Barry Ritholtz Washington Post March 10 2012 ~~~ Last week, Greece officially defaulted on its debt. (Unofficially, it defaulted long ago.) This formal default on about $100 billion triggered payment of $3 billion in credit-default swaps. These are the non-insurance insurance products that pay off in the event of a default.Let’s take a closer look [...]

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