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Allowed swaps contracts to be made many times over

With no requirement to set adequate capital reserves aside, there was no inherent constraint to prevent companies from profiting by making swaps contracts many times over while ignoring the "notional" liabilities accumulating as they did so.

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Absence of regulation meant swaps not supported by capital reserves
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Allowed swaps contracts to be made many times over
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Absence of capital set aside sucked companies in
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