Here's the report on the new protocol for regulating credit default swaps.
You only need to know one line from this report, to understand how much nonsense this regulation of credit default swaps is. It's just noise to placate the public. Read page 3.
The Credit Event and Succession Event Backstop Dates will apply to historic trades only after June 20, 2009.
In other words, unless AG Cuomo subpoenas AIG credit default swaps, these contracts with AIG, and all the other CDS contracts written before June 20, 2009 will be "grandfathered in" and swept under the rug, and not be subject to scrutiny.
Sort of like the grandfathering in of naked shorts in Regulation SHO.