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Absence of capital set aside sucked companies in

If the companies had been forced to set aside capital reserves to cover the credit default swaps contracts, many companies may simply not have been tempted to enter the credit default swaps market (as bankers are loathe to set capital aside).

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The Global Financial Crisis
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Immediate triggers of the financial crisis?
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Pathology in the Credit Default Swaps market
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Credit default swaps became divorced from underlying value
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Absence of regulation meant swaps not supported by capital reserves
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Absence of capital set aside sucked companies in
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Allowed swaps contracts to be made many times over
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