Insider trading going back up; credit swaps one avenue

It's a pdf from Bloomberg. The newer generation without a memory of the eighties is acting up.
More interesting was an instrument I hadn't heard of -- credit default swaps. This quote is from page 5, first column; there's also a panel introducing the idea at the very end:

Swaps prices represent the annual cost of contracts that guarantee repayment of the principal on corporate bonds if a company defaults. In day-to-day trading, that cost rises if investors think a company has a greater risk of missing payments. When multi-billion-dollar takeovers are financed with new debt, the jump in credit default swap prices may far outstrip gains in the target company’s stock.