Injin Posted July 22, 2009 Share Posted July 22, 2009 http://www.opencongress.org/bill/111-h3145/text To amend the securities laws to prohibit credit default swaps and to provide the Securities and Exchange Commission with the authority to regulate swap agreements.111th CONGRESSCommentsClose CommentsPermalink 1st SessionCommentsClose CommentsPermalink H. R. 3145CommentsClose CommentsPermalink To amend the securities laws to prohibit credit default swaps and to provide the Securities and Exchange Commission with the authority to regulate swap agreements.CommentsClose CommentsPermalink IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink July 9, 2009CommentsClose CommentsPermalink Ms. WATERS introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink A BILLCommentsClose CommentsPermalink To amend the securities laws to prohibit credit default swaps and to provide the Securities and Exchange Commission with the authority to regulate swap agreements.CommentsClose CommentsPermalink Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink SECTION 1. SHORT TITLE. This Act may be cited as the ‘Credit Default Swap Prohibition Act of 2009’. Fun, fun. Quote Link to comment Share on other sites More sharing options...
R K Posted July 22, 2009 Share Posted July 22, 2009 They'll just call them the Goldman Sachs magic money beans instead. Quote Link to comment Share on other sites More sharing options...
Charterhouse Posted July 22, 2009 Share Posted July 22, 2009 It's nice that they put so much detail into how they'd propose to do this... Most of Congress couldn't explain a bond let alone a CDS, i'd be surprised to see them manage to get them banned. Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted July 22, 2009 Share Posted July 22, 2009 Fun, fun. Does the bill have support? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 22, 2009 Share Posted July 22, 2009 It's nice that they put so much detail into how they'd propose to do this...Most of Congress couldn't explain a bond let alone a CDS, i'd be surprised to see them manage to get them banned. tell us, what is the difference between a CDS and an insurance contract, save the CDS contract says its not insurance. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 22, 2009 Share Posted July 22, 2009 d tell us, what is the difference between a CDS and an insurance contract, save the CDS contract says its not insurance. Simples! For insurance you have to show an actual loss and you can't claim multiple times for the same event. This is how GS fleeced the US taxpayer. AIG owed billions in CdS as many of its customer had multiple claims for the same event - were it insurance they'd pay onceonly. Sorry Mr Sachs but we've met your claim in full. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 22, 2009 Share Posted July 22, 2009 dSimples! For insurance you have to show an actual loss and you can't claim multiple times for the same event. This is how GS fleeced the US taxpayer. AIG owed billions in CdS as many of its customer had multiple claims for the same event - were it insurance they'd pay onceonly. Sorry Mr Sachs but we've met your claim in full. not forgetting you pay IPT on insurance deals. Quote Link to comment Share on other sites More sharing options...
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