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A senior Bush administration official said the administration would reject any kind of swap.
He says, acknowledging, at least that there is some kind of swap.
We hope that this kind of swap will eventually become a financial obligation in a lot of the world.
The statement came as federal regulators confirmed that they were in discussions with Citigroup over precisely that kind of swap.
When an investor or financial institution buys this kind of swap, it doesn't purchase a bond itself; it just places a bet on whether the bond will default.
We were already then considering that some kind of swap for at least the smallest of the eastern enclaves for more territory would be wise".
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He prefers a richer stew: "In a barrel of odds and ends it is different; things get mixed up, and the juice kind of swaps around, and the things go better".
And this was at a time when swaps, all kinds of swaps, like credit-default swaps — which are the instrument that got American International Group into trouble in the financial crisis — as well as commodity-related swaps, became incredibly popular.
The Dodd-Frank law, by the way, requires more disclosure of trades in all kinds of swaps, including swaps based on mortgage-backed securities, and those disclosures are starting to appear as the Commodity Futures Trading Commission writes rules.
In Mr. Crowley's case, for example, he attended a fund-raising event at the home of a financial industry lobbyist on the same evening he voted against a series of amendments to the regulatory overhaul bill that would have required greater transparency in the trading of financial instruments known as swaps, or banned certain kinds of swaps altogether.
It is best to have a couple different kinds of swaps per troop, just in case another troop has similar swaps or another troop gets tired of the same swaps over and over.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com