Skip to comments.A Secretive Banking Elite Rules Trading in Derivatives
Posted on 12/12/2010 12:01:52 AM PST by JustTheTruth
On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.
The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable and controversial fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.
(Excerpt) Read more at nytimes.com ...
Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk.
In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks.
This group is playing a dangerous game that some people have known about for years.Their day will end shortly.
Just curious but how so??
Gee,I’m not wikileaks so watch the news.Heads are gonna roll soon though bigtime.
Don’t forget to put George Soros on your list.
Blackie Sherrod, gambler
Obama’s officials are most from selected those big banks.
"Ted Hayes, an African American who chose homelessness in Los Angeles and serves as one of the country's leading homeless advocates, has long argued that few street people envy the middle class. Hayes, a frequent talk show guest, refers to the proletariat as "tax slaves." He says few homeless folks would exchange their freedoms for middle class burdens."
I’m not against derivatives, I’m against people using derivatives who don’t understand the changing risks under changing market conditions. This is what happened in ‘07, firms were making assumptions that we would see the same conditions for the next 20 years.