Credit Default Swap comedy

So one time, there was this really groovy financial instrument that was illegal to regulate, that grew to well over 10 times the US debt, according to the comment at the article in the link below. Anyway, remember AIG ?? The company us tax payers threw a couple hundred billion dollars into since they were insolvent and we came within hours of a planetary financial meltdown if they were allowed to go under since there is no rule of law in place to deal with a catastrophe like that.

This is funny, from Bloomberg.:

“The only market that I know of that seems to have worked virtually every day has been the CDS market,” Eraj Shirvani, chairman of ISDA and Credit Suisse Group AG’s head of fixed income for Europe, the Middle East and Africa, told reporters yesterday at the industry group’s regional meeting in New York.

Funny in that Shirvani's comment is close to the dumbest fucking rewriting of history comment one could make.