[politicket]

Like equity derivatives, credit derivatives (CDS) expire unexercised most of the time.

But the times they don't.....watch out below!

You might try your idea with:

Bear Stearns
Fannie Mae
Freddie Mac
Lehman Brothers
AIG
Merrill Lynch
Washington Mutual
Wachovia
National City

(and I haven't even touched on Europe...or Germany....or...)

[wideawake]

Of the above named companies, do you know how many CDS contracts have actually settled, and for what amount they settled?

The answer may surprise you.