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which exposed the insurance giant to potential losses over $100 Billion. The CDS on Lehman were settled smoothly, as was largely the case for the other 11 credit events occurring in xxxx which triggered payouts[35]. And while it is arguable that other incidents would have been as bad or worse if less efficient instruments than CDS had been used for speculation and insurance purposes, the closing months of xxxx saw regulators working hard to reduce the risk involved in CDS transactions.
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