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A Concentration Of Risk Among The Few Banks Left Standing (CBS) CBS News Investigative Unit’s Kim Lengle wrote this story for CBSNews.com. “This bill will, in my judgment, raise the likelihood of future massive taxpayer bailouts. …if you want to gamble, go to Las Vegas. If you want to trade in derivatives, God bless you.” This was North Dakota Senator, Byron Dorgan’s statement on the floor of the Senate - not this week or last, or even during the last six months as Wall Street collapsed - but back in 1999. While many were concerned with the housing bubble and mortgage-backed securities, Dorgan was concerned about what many now believe may be the next shoe to drop, the so-called credit derivatives market known to most as credit default swaps. What worries financial insiders most is the enormous amount of risky credit... [read full story]
