Legislators beware

Nick Sawyer

The debate over how far to clamp down on the credit derivatives market has rumbled on since last September, when Lehman Brothers collapsed and the huge losses racked up by American International Group (AIG) obliged the US government to bail it out with a massive injection of capital.

Almost immediately, calls came to severely restrict use of credit default swaps (CDSs), with figures such as the former chairman of the Securities and Exchange Commission, Christopher Cox, likening the buying of pro

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