Prices of Credit Default Swaps and the Term Structure of Credit Risk Wpi Form

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Let's say that I'm a pension fund, and I have money to lend to other people. And I want to lend it to other people, because that way I can get interest on it instead of it just kind of sitting and doing nothing. And if I lend it to someone other than the government, I'll get better interest. So let's say that there's-- so let me draw me, I'm the pension fund. Maybe I'll drawn me in magenta. So that's me, pension fund. And let's say that there's some corporation, let's say it's GM. They make cars. I think you've heard of them. Some corporation, GM. Let's just call it Corporation A. They need to borrow money, maybe to buy a factory or to do something else, we're not going to get involved in what they need the money for. And I'd like to lend them the money. But there's an issue here. I am a pension fund. I manage the retirement fund for the teachers of California, or for the auto workers of Michigan, or whatever. And part of my charter says that I can only invest in very, very, very safe