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H.r.3145

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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.

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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.

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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.

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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.

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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.

not forgetting you pay IPT on insurance deals.

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