And yet insurance companies go belly up. Google "failed insurance companies". Remember just 15 years ago? MBIA, Ambac, AIG? Regulation doesn't get rid of the r

And yet insurance companies go belly up. Google "failed insurance companies". Remember just 15 years ago? MBIA, Ambac, AIG? Regulation doesn't get rid of the risk. And it's got zero to do with naked speculation. We simply cannot make risk disappear. Contracting with someone else to eat the risk creates a new risk. Counter party risk just doesn't go away, despite our hopes and dreams.