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As Congress crafts legislation to impose new oversight on complex instruments blamed for hastening the financial crisis, a major sticking point has emerged over companies that use the derivatives to hedge risk.
Legislation to regulate for the first time globally traded derivatives, the complex instruments that helped touch off the financial crisis, moved closer to House enactment Wednesday.
A House bill would impose new restrictions on a series of complicated financial transactions that had traded in private markets around the world without regulations. One type of these specialized derivative instruments, called credit default swaps, was blamed for the crisis that hit Wall Street last year.
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. Republican lawmakers contend the measure already could eliminate jobs and stifle companies' ability to manage risks.
Two key regulators on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall.
Fifteen big banks that dominate worldwide trading of derivatives have committed to greater transparency in a $600 trillion market that regulators say needs stricter oversight to protect the global financial system.
A key federal regulator is asking lawmakers to tighten legislation imposing broad new oversight on derivatives by going beyond the Obama administration's proposal in several areas governing the complex financial instruments blamed for hastening the global economic crisis.
The Obama administration on Tuesday sent Congress legislation seeking to impose broad new oversight on derivatives, the complex financial instruments blamed for hastening the global economic crisis.
Two influential House lawmakers on Thursday announced an agreement on guidelines for legislation to impose broad new oversight on the financial instruments blamed for hastening the global economic crisis.
Two key federal regulators on Wednesday urged Congress to impose broad new rules on the financial instruments blamed for hastening the global crisis while Republican lawmakers chafed at constraints they said could hurt U.S. firms' competitiveness.
The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis.
New Hampshire securities regulators accused a unit of banking giant UBS AG of misleading investors about complex securities issued by Lehman Brothers before Lehman filed for bankruptcy protection last year.
If President Barack Obama wants to find a scapegoat for the mess at American International Group, he needs only to look east from the White House to the halls of Congress.
Billionaire Warren Buffett has devoted nearly five pages of his letter to Berkshire Hathaway shareholders to explaining the role derivatives played in the company's nearly $7.5 billion investment losses last year.
Financial Market Regulation - Credit Default Swaps - OTC Derivatives -Congressional Testimony - C-SPAN Video LibraryThis C-span video is 1 hour and 50 minutes long. If you want to learn something spend the time.
Bank Reform Bill Passed by HouseThe House passed legislation Friday aimed at preventing the next big financial crisis, ushering in the most sweeping set of changes to the banking regulatory system since the New Deal. More Articles
Intractability of Financial DerivativesA new result by Princeton computer scientists and economists shows a striking application of computer science theory to the field of financial derivative design.
Goldman Sachs: Record profits from 2009 not related to bailout, they're doing God's workSo, it's business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads acr …
AIG Earnings Estimate Increased by Credit Suisse Nov. 2 (Bloomberg) -- American International Group Inc., the insurer bailed out by the U.S., had its third-quarter earnings estimate tripled by Credit Suisse Group AG on gains in investments including derivatives and hedge-fund holdings.
Goldman Sachs Defends Trading Practices: Dark Pools, Flash Trading, Short SellingIn a document handed to the US Securities and Exchange Commission (SEC), the investment bank asserts that such practices, some of which the SEC is looking to restrict, actually benefit investors by increasing competition and reducing costs.
If the men in 1998, would have listened and not discounted her as a mixed up Woman, Brooksley Born may have spared us the 2008 recession or at least limited its depths.
House Financial Services Committee Considers Regulating Industries That Heavily Fund Members' CampaignsHere are the top 20 recipients on the House Financial Services Committee of contributions from the PACs and employees of the financial sector (including donations to lawmakers' leadership PACs and candidate committees since 1989):
Fair Game - Don't Let Exceptions Kill the Rule on Derivatives Reform CONGRESS began the work of reforming our troubled financial system last week, and a bill aimed at regulating derivatives passed the House Financial Services Committee on Thursday. Skip to next paragraph Related Times Topics: Gretchen Morgenson
Market regulators urge tougher enforcement - Derivatives is a $450 TRILLIONJ Dollar Hiigh Risk Market.There is a $450 Trillion dollar Derivatives market in Credit default Swaps. Talk about a failure crashuing the U.S. economy. Ban this product before it crashes the US economy for 20-30 years. It should not be regulated-it should be banned.
Gary Null's reply to Rabbi Michael Lerner.
Wall Street SmartsA humorous explanation of why Wall Street collapsed... or maybe not so humorous...
Obama warns Wall Street not to block tighter regsNEW YORK (AP) - Lecturing Wall Street on its own turf, President Barack Obama warned financial leaders not to use the recovering economy to race back into "reckless behavior" that could cause a new meltdown. He declared that a bailout-weary public will not break their fall again.
What Could Possibly Go Wrong?-- Wall Street Pursues Profit in Bundles of Life InsuranceAfter the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
Judges Punish Wall Street as Regulators Just Talk About ReformAs the White House and Congress debate how to regulate financial firms to avoid another economic crisis, judges have assumed the point position in punishing Wall Street for causing the worst recession since the 1930s.
Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul - Bloomberg.comThis is how the market will crash in Sept/Oct. Once the truth of these trades is known, and the actual liabilities of banks is exposed, ALL confidence in the market will be lost. And rightly so.
Trillions to Bail out Banks, We have No Reform AND FEDs Approve New AIG CEO 10 million a yearThe new CEO of AIG has $10 million in remuneration for the job of running a company the Feds gave $180 Billion of taxpayer dollars to support. There has been no reform in the financial industry which was the promise explicit in the bailout.
Five Firms Hold 80% of Derivatives Risk, Fitch Report Finds - Risk Management - CFO.comThis article discusses changes in the reporting of the derivatives of companies. Check out the financial institutes and the energy based institutes. I am not familiar with derivatives or investing.
Warning to UK and France on derivativesRivalry between Paris and London could jeopardise Europe's competitiveness in the vast "over-the-counter" derivatives markets, France's stock market regulator has warned. ==================================== Asset classes
Why the Credit Pendulum Is Stuck at 'Stupid' - General * US * News * Story - CNBC.comCredit is set at stupid because for years we have depended on credit agencies to do the work that credit managers (old line) used to do. Scoring and the use of mathematical probability are in large part what caused the credit/ economic mess.
Frank Rich - New York Times - Op-Ed Columnist - Bernie Madoff Is No John DillingerTHE judge condemned Bernie Madoff's crimes as "extraordinarily evil." The New York Daily News, whose publisher was a Madoff victim, chose "The Pariah" as its front-page headline and promised that the dastardly villain would suffer "everlasting consumption in the jaws …
One of my most reliable indicators of what Bungling Ben Bernanke (BBB) is going to do is watching what the banks are doing in regard to their credit cards.
Will The House Republicans Regulation Plan Stay Silent On Derivatives?excerpt: ""Reuters yesterday reported that the Obama administration "plans to unveil on June 17 its sweeping plan to overhaul financial regulation." The plan will reportedly "serve as a framework for lawmakers as they embark on the thorny task of restructuring how banks, h …
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.
Is the rapid decline of the newspaper business and our economic trouble linked? Is the failure of the establishment - big corporate news media to help expose and perhaps prevent or at least minimize the damage of the frauds of Enron, Worldcom, Adelphia, AIG, Lehman, Moody's, S&P, …
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