FR Keyword: moneylist
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The man runs the SEC and he just figured that out?
The only thing that is not mentioned is that it is a highly leveraged way of short selling the bond underlying the swap, and thereby sinking the institution relying upon the market value of the bond. Now, if you naked shorted the institution you are attacking with swaps on its bondholdings you could really make a bundle.
Swaps are legal, how come?