 Quote:
Originally Posted by Oldbabe
The Commodities Futures Modernization Act is what allowed financial firms to sell credit default swaps (CDS), which were illegal before the Act was passed in 2000.
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Actually, this is incorrect. CDS existed before 2000 and were perfectly legal. What the Gramm provision did was to prevent regulation of these instruments (as the cut & paste section of your post clearly states.)
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