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Updated: February 25, 2010 20:51 IST

Federal Reserve to look into insurance contracts on Greek debt

AP
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Federal Reserve Chairman Ben Bernanke, testifies on Capitol Hill in Washington,on Thursday, before the Senate Banking hearing on the Semiannual Monetary Policy Report to the Congress. Photo: AP.
Federal Reserve Chairman Ben Bernanke, testifies on Capitol Hill in Washington,on Thursday, before the Senate Banking hearing on the Semiannual Monetary Policy Report to the Congress. Photo: AP.

Federal Reserve Chairman Ben Bernanke, says the central bank is looking into Goldman Sachs and other Wall Street firms’ use of a sophisticated investment instrument to make bets that Greece will default on its debt.

Mr. Bernanke says the Fed is looking into companies’ use of credit default swaps, a form of insurance against bond defaults. He made the comments at the start of a Senate Banking Committee hearing.

The panel’s chairman, Sen. Christopher Dodd, says he is troubled that this practice could worsen Greece’s debt crisis.

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