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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: James Hutton	5/18/2010 8:44:36 PM
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US Senate Rejects Ban Of Naked Credit Default Swaps Dow Jones DOW JONES NEWSWIRES Whew. Banksters are relieved. Since the Feds allow usury and loan sharking, why would they prevent bucket shops? ____ U.S. senators late Tuesday rejected an amendment to a sweeping bank-reform bill that would have prohibited so-called naked credit default swaps. Credit default swaps are a form of insurance that institutions buy on bonds they purchase against the possibility that those bonds default. However, naked credit default swaps are derivative investments set up by two investor groups that have no insurable interest but are betting on whether another bond will default. The measure, which was introduced by Sen. Byron Dorgan (D., N.D.), would have been attached to a bank-reform bill under consideration in the Senate. A measure banning naked credit default swaps was approved by the House as part of a bank-reform bill it approved in December. -Ronald D. Orol; 415-439-6400; AskNewswires@dowjones.com

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