"I would argue that they are trilateral contracts in that you and I and the 300 million Americans have stepped up to the plate to provide the backstop on many of these contracts."
"Those who have no insurable interest, frankly, I would continue to argue, are purely speculative, and add nothing of value to the real economy."
"I think it is, Mr. Chairman, and we would certainly love to work with you and the Committee and Congress on that."
"It seems to me that if one institution needs hedging and they go to A and A says sure, I will hedge with you, then A has this risk."
"I just can't imagine the regulatory arbitrage problems that we would have if we broadened this to 50 jurisdictions within the United States."
"I happen to believe that is a specious argument, and that it is the requirement of this argument to ferret out potentially illegal activity and protect the citizens of this nation."
"CDSs are, in fact, a species of insurance, and naked swaps are more akin to gaming than insurance since they lack insurable interest."
"the goals of this draft bill would be best realized and enacted by the states; whether the CFMA was overbroad in its intent and application"
"I am pleased to be here today on behalf of NCOIL to discuss draft legislation titled the 'Derivatives Markets Transparency and Accountability Act of 2009.'"
"I think we agree that a group of states together in either compact or with model legislation would come up with a national standard that could be used."
"I certainly don't dispute the fact that credit default swaps play an important role in our financial institutions, but they are insurance, they are a financial guaranty and ought to be treated as such..."