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Re:Wall Street’s Latest Love Affair with Risky Repackaged Debt by mathattack on Wednesday March 20, 2019 @06:42AM (#19440754)
The terms insurance (or protection) are euphemisms. It’s not literally insurance, or governed that way.

In many cases the amount of credit derivatives way exceeds the amount of bonds covered. (It can happen in stocks too, but I think less common)

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