Regulators seek tighter oversight of derivatives »
Posted By Progressive 1 month, 2 weeks ago in Business & Finance
WASHINGTON - Federal regulators on Wednesday asked a House panel to strengthen proposed legislation that would impose new oversight on derivatives, complex financial instruments blamed by regulators for hastening the financial crisis.
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Progressive
There are only two kinds of people who are really fascinating: people who know absolutely everything, and people who know absolutely nothing. -- Oscar Wilde
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Progressive1 month, 2 weeks ago
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FTA:
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The proposals are designed to bring transparency to, and prevent manipulation in the sprawling derivatives market. Credit default swaps, a form of insurance against loan defaults, account for an estimated $60 trillion of that market. The collapse of the swaps brought the downfall of Wall Street banking house Lehman Brothers Holdings Inc. and nearly toppled American International Group Inc. last fall, prompting the government to support the insurance conglomerate with about $180 billion in aid.
The value of derivatives hinges on an underlying investment or commodity — such as currency rates, oil futures or interest rates. The derivative is designed to reduce the risk of loss from the underlying asset. -
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Progressive1 month, 2 weeks ago
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Elizabeth Warren: "The Middle Class Is Under Terrific Assault"
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The Washington Post features an interview today with Elizabeth Warren, who chairs the Congressional Oversight Panel, which makes her your last, best -- maybe only -- hope at getting the TARP money back and ensuring that something will be done to prevent the cascade of systemic financial sector ****-ups that cratered the economy from ever happening again.
http://www.washingtonpost.com/wp-dyn/content/artic... -
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beavith11 month, 2 weeks ago
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so. is everyone going to be comfortable in their newly rearranged deck chair?
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60 TRILLION DOLLARS of outstanding liability.
that's FIVE TIMES the US GDP.
until we fix the banks and sop up that $60T, the economy is going to struggle as it sinks.
folks. nothing has been fixed. -
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Jeboba1 month, 2 weeks ago
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Thanks to what Reagan started and the GOP championed for years by being paid off by the corporations, everything in sight was deregulated. That allowed the corps to rip us all off. It is time to reregulate the hell out of all of them!
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You GOP idiots that bought into the free market, unbridled capitalism, and trickle down bull$hit still can't see it. What a bunch of absolute fools!
VOTE OUT ALL REPUBLICANS IN 2010!
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