New Derivatives Legislation “Was Probably Written by JPMorgan and Goldman Sachs”
November 16, 2009 by Jose Luis Flores
Filed under World News
Washington’s Blog November 16, 2009 A d v e r t i s e m e n t As I have repeatedly written (see this and this ), the new derivatives legislation is so bad that it probably increases – rather than decreases – the risk to the financial system. William Greider has a great piece in The Nation pointing out : Who drafted this dubious piece of legislation? Bankers (or their lawyers) did. The leading sellers of derivatives are an exclusive club of five very large financial institutions–Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs–that hold 95 percent of the derivatives exposure among the largest banks (the total contract value exceeds $290 trillion). These are the same folks who toppled the global economy and compelled government to intervene with gigantic bailouts. Michael Greenberger, a University of Maryland law professor and veteran federal regulator, studied the House committee’s 187-page bill and detected the fine …
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New Derivatives Legislation “Was Probably Written by JPMorgan and Goldman Sachs”
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