On Thu, 25 Sep 2008 01:14:29 -0700, John R. Carroll wrote:

Phil Graham introduced legistlation that
was passed and signed in 2002 specifically exempting and precluding these
products from oversight or regulation. There now exists $46 trillion dollars
of these "uninsurance" policies in an environment where they have been sold
and
traded to people who never considered that they would ever have to pay off
on them and don't have the reserves to do so in any event.

The more I learn about the background of this mess, the more I think Gramm
should be held accountable for at least a portion of the loss. Or be run
out of town on a rail. Of course, neither will happen - he'll just keep
on advising McCain.