I will have to check the history myself. Chicken and Egg situation, but it is funny how they change the rules just before the shit hit the fan (Greenspan Put Deluxe). That act made derivatives off limits to regulators, but not off limits to bail-outers, apparently. If AIG has spun off the CDSs they could have just let that division go bankrupt, except that Goldmine Sachs (of shit) held a huge pile of them and they always get paid. This just out, might interest you: https://www.nakedcapitalism.com/2023/09/how-the-fed-created-the-post-2008-global-safety-net-for-banks.html