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COPYRIGHT 2008 SourceMedia, Inc.
Byline: Richard Kellerhals
New York Governor David Paterson said last week that the state of New York will begin regulating the credit default swap market on Jan. 1 and that the federal government should follow suit.
With credit default swaps, the buyer pays the seller periodically in exchange for insurance if a company defaults on its debt. The $62 trillion market for these instruments has gone mostly unregulated since its inception a decade ago. New York's...
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