A credit default swap is not an insurance contract; you're in the world of 'buye...

		NovemberWhiskey on June 26, 2020 \| parent \| context \| favorite \| on: Why the US military usually punishes misconduct bu... A credit default swap is not an insurance contract; you're in the world of 'buyer beware' not 'utmost good faith'. Even the monoline insurance wrappers around the various credit products were very atypically constructed insurance contracts.

Not the swap itself, but the assessments provided by the ratings agencies.