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The Securities and Exchange Commission is looking into AOL Time Warner's complex swapping transactions with Qwest Communications International and WorldCom, people involved in the investigation said yesterday.
Only 2% of CD swapping transactions result in complaint reports and users are rated in a karma system.
The company reports about 10,000 CD swapping transactions per day.
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The documents also indicate that Winnick knew about fiber-optic capacity swap transactions that helped the company appear to be gaining revenue, deals that in fact had no economic value, investigators say.
As for the credit default swaps, the phony insurance packages that brought AIG to its knees and almost destroyed the world economy, Gensler testified that they should be exempted by his proposed legislation from regulation existing under the Commodity Exchange Act: "swap transactions should not be regulated under the CEA".
Under the terms of the deal, Bharti would acquire a 49% stake in MTN, while the South African firm would get 36% of Bharti, in a cash and share swap transaction.
For instance, dealers now have to report swap transactions to regulators.
It also said it would conduct foreign exchange swap transactions to create liquidity in Swiss francs.
In Europe, Cable and Wireless and KPNQwest have been criticized for using swap transactions.
The bank also announced that it would conduct foreign exchange swap transactions to create liquidity in Swiss francs.
Mr. Staley notes the one set of clients that aren't interested in interest rate swap transactions: municipal governments.
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