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Giant insurer American International Group Inc., which nearly collapsed in 2008 and received the biggest bailout of the crisis, had traded derivatives through its affiliates in London and the Cayman Islands. The CFTC's oversight would extend to foreign banks that do substantial trading of derivatives in the U.S. However, exceptions would be made for those banks if the regulations in their home countries are considered by the CFTC to be "comparable" to U.S. rules. "We in the U.S. aren't seeking to be the boss of anyone," Commissioner Bart Chilton said a statement. "Nations around the world have their own laws, rules and regulations. ... (but) we do seek to ensure that our consumers, taxpayers, markets and our economy are protected."
[Associated
Press;
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