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If you think the health care debate is a big brouhaha, its nothing compared to the behind the scenes battle over government regulation of derivatives.
On the government side we have a proposal that would require the most standard derivatives to be processed through a clearinghouse, whose members would make good on any default. This is the way the commodity markets operate. For "nonstandardized contracts," banks would have to put up more capital or margin.
Continue reading High stakes poker! The government vs. the bankers on derivatives regulation
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