SCUM FUCK BANKERS Try to Open Loopholes in Derivatives Regulation SO THEY CAN STILL GAMBLE.. 1.5 QUADRILLION AND RISING | |
Uncle Fuck Stick (OP) User ID: 41634855 United States 06/13/2013 10:37 AM Report Abusive Post Report Copyright Violation | |
Useless Cookie Eater User ID: 29696048 United States 06/13/2013 10:41 AM Report Abusive Post Report Copyright Violation | Re: SCUM FUCK BANKERS Try to Open Loopholes in Derivatives Regulation SO THEY CAN STILL GAMBLE.. 1.5 QUADRILLION AND RISING [link to mobile.usnews.com] This week marks an important step forward in the implementation of financial reform. On Monday, the U.S. became the first country in the world to require mandatory clearing of many derivatives contracts, a crucial protection in these previously unregulated markets. Quoting: Uncle Fuck Stick But even as this crucial protection takes effect, Wall Street is mobilizing to create a back door escape route. Its goal is to prevent U.S. regulation of derivatives transactions by U.S. companies that are conducted overseas. This loophole could strike at the foundations of financial reform. Almost every major financial scandal involving derivatives – from the collapse of Long Term Capital Management's Cayman Island operations in the 1990s, to the bailout of AIG's London-based trades in 2008, to JP Morgan's recent "London Whale" trading losses – has involved derivatives transactions conducted through a foreign entity. Wall Street banks routinely transact more than half their derivatives through foreign subsidiaries. Through numerous avenues, including an important Congressional vote today, Wall Street is trying to create an “extraterritorial” loophole in derivatives regulation. Derivatives are essentially bets on future financial moves. Prior to the crisis, the massive markets in derivatives (over $300 trillion in notional value in the U.S. alone) were essentially unregulated, and conducted as simple contracts between any two financial firms. There was almost no public transparency or regulatory oversight of firms' derivatives books, and no assurances that firms could deliver on the bets they made. This was a major contributor to the financial collapse ...and NONE of it was fixed after 2008. NONE OF IT. ...and who opened up these derivatives markets? Bill Clinton and his Lobbyist banker buddies with the repeal of The Glass Steagal Act of 1935. Before that banks and brokerages had to be separate....and therefore no casino style derivatives could exist. Thank this douche for your current economy. |
Uncle Fuck Stick (OP) User ID: 41634855 United States 06/13/2013 11:03 AM Report Abusive Post Report Copyright Violation | Re: SCUM FUCK BANKERS Try to Open Loopholes in Derivatives Regulation SO THEY CAN STILL GAMBLE.. 1.5 QUADRILLION AND RISING Clinton sucks ass....NAFTA GATT ...telecommunications act....executive signing the united states into the WTO..the cocksucker is one of the most treasonous presidents ever :4hlick: |
Uncle Fuck Stick (OP) User ID: 40018660 United States 06/13/2013 07:07 PM Report Abusive Post Report Copyright Violation | |