Business Insurance

… Credit Slips readers may already know, credit default swaps (CDS) are basically insurance contracts — the “protection seller” promises to pay the “protection buyer” a lump sum of money if … (Lehman Brothers, oh wait . . . ). The one key difference between CDS and insurance is the possibility to buy CDS protection on a debt you are not exposed to (kind of like buying insurance on a car you don’t own). How do these things relate to the present crisis? Well, according to its last 10-Q AIG sold more …

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