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News Link • Corruption

How billions in complex Goldman deals escaped scrutiny

• McClatchy News
 The use of credit-default swaps, or private, insurance-like contracts, exploded in recent years into a murky, $60 trillion worldwide market with little government scrutiny.

Under such contracts, the buyers agree to pay premiums, as often as monthly, in return for the issuers' enforceable guarantee to pay agreed-upon sums if certain events occur. Most swaps revolve around whether a company or borrower will default on a credit line or loan or go into bankruptcy, but a swap can be a bet on anything.

1 Comments in Response to

Comment by Lola Flores
Entered on:

 Big surprise, eh?  But don't worry, y'all go back to watching FAUX News, there's nothing to see here...really.

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