Credit derivatives played an important role in the Credit Crisis of 2008-09. The US Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 as a comprehensive response to the Credit Crisis. Collateralized Debt Obligations (CDO) and Credit Default Swaps (CDS), which...

Using the recent events at AIG as a case‐study, the paper tests the efficacy of the framework of contemporary corporate governance – namely, the monitoring role assigned to the boards of public corporations and an emphasis on director independence. The article refers to statutory filings,...