The Past As Prologue.... Derivatives.

"Corporate System Remains Strong"

"... the very low level
of risk..."

" The assets of the corporate system remained relatively stable in 2006.  In March 2006, corporate assets reached a high of $128.5 billion and declined toward the average over the next several months.  The dollar amount of capital continues to increase. " 

"Capital levels are appropriate considering the very low level of risk in corporate credit union investment portfolios."

- The 2006 Annual Report of the

National Credit Union Administration*

*(page 21 just for the record.)

... and in 2006 corporates were permitted by NCUA to use derivatives to help mitigate the risks on those "very low" risk corporate investment portfolios...

The "New" NCUA Derivatives Rule:

Same process, same assumptions, same logic, same people...

SAME RESULTS?