Highlights:
"The $600 trillion derivatives market, long known for its freewheeling ways, is slowly being tamed."
"In the lead-up to the crisis, investors bought billions of dollars’ worth of credit-default swaps as insurance on risky mortgage-backed securities. When the underlying mortgages soured, the American International Group and other companies that sold the swaps lacked the capital to honor their agreements.
Under the commission’s new plan, those firms would have to put aside enough cash to cover unforeseen calamities. Regulators, until recently, had little authority to set any rules for this risky market."
"The commission on Wednesday also voted to reopen or extend for 30 days the public comment period on its earlier rule proposals. The agency plans to complete most Dodd-Frank rules by the fall."
doesn't sound like they are really addressing the problem...
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