Forget the subprime mortgage mess -- Collin Peterson in Europe trying to get handle on $50 trillion annual 'credit default swaps' market
U.S. Rep. Collin Peterson, D-Minn., left for Europe this weekend to discuss ways to regulate little-known and difficult-to-understand "credit default swaps."
The swaps are insurance-like contracts that financial institutions use to cover losses in bonds and other financial documents. They are not regulated, and Peterson thinks countries should watch them closely.
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