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European Union regulators warned Tuesday that they may have to regulate credit default swaps after the financial industry failed to agree on forming a central agency to handle the derivatives, which are partly blamed for the world financial crisis.
With momentum building toward new clearinghouses for complex investments partly blamed for the financial crisis, executives of competing exchanges on Monday touted their plans to operate the new entities.
The chairman of the Senate Agriculture Committee proposed Thursday giving the Commodities Future Trading Commission authority to regulate market credit default swaps, which have played a key role in the Wall Street's recent financial meltdown.
One festering problem that led to the financial meltdown hasn't been addressed yet: credit default swaps.
Federal prosecutors and New York's attorney general said Monday they had taken the unusual step of joining forces to probe the multitrillion-dollar credit-default swap market, an unregulated area of finance blamed for helping to fuel the credit crisis.
People Want Justice. But it almost seems as if Bernie Madoff's 150-year sentence for a scheme that had nothing to do with causing Wall Street's meltdown is supposed to cover all the crooks, and that we're supposed to be satisfied.Must read summary of the Wall St.
We Must Overturn the Status Quo in DerivativesBy Kenneth Griffin Published: October 26 2009 22:03 | Last updated: October 26 2009 22:03
Gary Null's reply to Rabbi Michael Lerner.
Bail-Out Bonuses at Banks that Got the Most $ from U.s. - $1 Million a Head...Hundreds and Hundreds of HeadsThousands of top traders and bankers on Wall Street were awarded huge bonuses and pay packages last year, even as their employers were battered by the financial crisis. More Articles
Back to Business - Banks Dig In to Resist New Limits on Derivatives The nine biggest participants in the derivatives market — including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America — created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money.
Credit Default Swaps: The Crisis Still Waiting to HappenA few months ago I posted this seed of an article published by Time magazine in March, 2008. Over one year later, little appears to have changed.
Wall Street Poised to Resume Business as UsualNot long ago, a group of skeptical Democratic senators met at the White House with President Obama, his chief economic adviser, Larry Summers, and Treasury Secretary Tim Geithner.
As Crisis Loomed, Geithner Pressed But Fell Short ...as Geithner and the New York Fed worked to solve narrow mechanical issues in the derivatives market, they missed clear signs of a catastrophe in the making.
The Smirking Chimp Doesn't Find The NYT's "I Worked At AIG And We Deserved Those Bonuses" Editorial To Be Very CredibleLike a lot of people, I read Wednesday's New York Times editorial by former AIG Financial Products employee Jake DeSantis, whose resignation letter basically asks us all to reconsider our anger toward the poor overworked employees of his unit.
U.S. to Detail Plan to Rein In Finance WorldThe Treasury secretary, Timothy F. Geithner, will outline the broad revamping of the regulatory system, which goes further than expected, in a hearing on Thursday.
Standard & Poors, Moody's, and Credit Rating Agencies contribution to the financial fiascoThis book is the story of my journey through the gluttony and dysfunctionality of 1990s Wall Street. But it also is a story about the roots of the 2008 market crisis.
Comprehensive 10 Year Review of AIG s Accounting PracticesAIG now stands for "arrogance, incompetence and greed" ...according to U.S. House Representative Paul Hodes (D-NH). Now it ratchets way up...
Some Helpful ExplanationsVia Br. Dave, probably the best, simplest explanation of the credit crisis I've seen thus far. It doesn't go terribly deep, and leaves out a lot, but it gives a great visual summary of how the hell we ended up here.
The truth about credit default swaps - Mar. 16, 2009Regulators have long feared a derivatives blowup, but the CDS market held up despite the collapse of Bear and Lehman. Still, some worries remain.
Sociopathy unleashed: Godlman Sachs states 'no guilt' over 12.9 billion from AIGIt's true. Sociopathy and guilt are mutually exclusive. Goldman answered reporters' questions on a conference call seeking to clear up what it called "misperceptions" about its trading relationship with AIG.
The Formula That Killed Wall Street: (Every American Needs to Read This Article)This is an amazing article that cuts straight to the heart of how this entire financial mess got started. What is even more interesting to me as a scientist is that it seems that the computer modeling for anthropogenic global warming is based upon the same type of correlations.
While Barak Obama is likely the most powerful man in the world, there is one power greater. You and me. American public opinion. We even make the news; opinion polls. So, it would be wise for us to be informed, to understand what is happening in our country.
Financial reports show 5 biggest banks face huge loss risk. By Greg Gordon and Kevin G. Hall | McClatchy Newspapers WASHINGTON — America's five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show.
Stop Credit Default Swap Abuse NOWWithout nightly margin supervision on CDS short positions these vehicles have turned into the means to launch monstrous focused attacks on specific companies; the buyer has limited risk and virtually unlimited reward.
National Review Lamely Attacks Mother Jones To Lamely Defend Phil GrammIs this the best a prominent conservative writer can do?
Credit Default SwampA very good article about the dangers of the government learning the wrong lessons from the banking disaster.
Explosive growth in derivatives, most notably in credit default swaps appears to have begun accelerating in the 4th quarter of 1997. This coincides with the negligent management of the U.S. economy.
AIG buys $16B of CDOs in risk reduction effortInsurer American International Group Inc.
David Ignatius - Alphas in Their Bunkers - How Fat Cats at the Top Skimmed the Cream From our Economy & Drove the Crash as Well -- washingtonpost.comThis column describes how the subculture of wealthy speculators know as "Alphas" while 99%+ of the rest of us are "betas." The idea is betas invest in the markets and bear the 'downs' as well as enjoying the 'ups' in value, while "Alphas" using massive wealth, inside scoops, and …
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