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I would like to make a 'side 'bet that certain mortgage securities would default. I don't want to actually own this invesment. I just want to be paid to collect the contracts if the investment went bad. The people that actually sold this insurance are not required to set aside reserves. Here's what sold me to this product. The taxpayers are the ones to bail out these companies that sold these products that required NO cash reserve, in case of default. So its a WIN WIN situation and under the terms the taxpayers are the one holding the bag. So Lehman and Bear Sterns are gone. So I need another bucket shop from a "booky" that would place my bet?
And, if you are wondering if these derivatives are legal? You have nothing to worry about. NOTHING. It's completely legit and UNREGULATED not even SEC monitors it. In fact, it was Congress that allowed it to happen back in 2000 under Commodity Future Modernization Act that rolled back the good ole' times. Funny how history repeat itself, that is why I want this side bet to continue before Congress comes to it senses and repeal it once again.
We can all make killings on this bet, so please I need your help
Credit Default Swaps Video - CBSNews.com
And, if you are wondering if these derivatives are legal? You have nothing to worry about. NOTHING. It's completely legit and UNREGULATED not even SEC monitors it. In fact, it was Congress that allowed it to happen back in 2000 under Commodity Future Modernization Act that rolled back the good ole' times. Funny how history repeat itself, that is why I want this side bet to continue before Congress comes to it senses and repeal it once again.
We can all make killings on this bet, so please I need your help
Credit Default Swaps Video - CBSNews.com