*SIPC is insurance that brokerage firms pay to cover any losses. PBGC makes companies pay premiums in case they go bankrupt and can't cover their pension obligations. FDIC makes banks pay premiums.
Of course CDS marekt should have a similar agency to collect premiums from the smartest guys in the room who like to play Lego's and blow up the chemistry set.
The only problem is that these players all RUN and CRY to Congress to get them to pay lower premiums so their stock share prices will stay high so the CEO can cash in his options while the company and all it's workers go bust. Congress ALWAYS says yes, becasue they get a payoff in one form or another. So while I am hopeful, I am also skeptical that business as usual will be back to business as usual. Just look at who's paying for GM's pensions.
Obama says fees might be levied against financial firms
To protect taxpayers from footing the bill on future rescue initiatives, the government is considering assessing additional fees against financial institutions, President Barack Obama said. Obama did not explain what types of transactions might be subject to the fees, but he indicated that credit derivatives and other exotic instruments might be included. "So if you guys want to do them, then you got to put something into the kitty to make sure that if you screw up, it's not taxpayer dollars that have to pay for it," Obama said. "It's dollars coming out of your profits." The Wall Street Journal (7/23)
out of NY
*why haven't we been doing this already you ijiots!
Inmates would pay to stay under proposed New York law
New York lawmakers are considering a bill that would have inmates pay for their jail stays. The bill proposes a sliding scale, with inmates with a net worth of $40,000 or less paying nothing, while convicts with net worths of $200,000 or more would pay their entire jail costs. National Public Radio (audio player required) (7/22)