From a NY Times article on Credit Swaps from February 2008. It is worth reading for its primer on credit swaps and how it predicts the events of the current credit crisis.
[tags]Credit Swaps[/tags]
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I don’t have any sympathy for anyone that would buy insurance from an unregulated carrier. The people who are paying good money for this type of insurance should be left holding the bag as individuals if their bond goes into default or the company they invested in goes bankrupt.
When I hire a contractor it is my own fault if I hire an unlicensed, unregulated one. Buyer beware is in full effect for the purchases of this insurance. You would think they would use the premium money to purchase a higher-grade stock that paid a dividend, ect.