In July 2009, ten Congress members sent Fed Chairman Bernanke the following letter because they were worried that Goldman “is not changing its business model†but is instead “using its regulatory freedom to evade capital requirements and take out…
Posts Tagged ‘Maxine Waters’
Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade
December 8th, 2009 |
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As I have previously shown, speculative derivatives (especially credit default swaps or “CDS”) are a primary cause of the economic crisis. They were largely responsible for bringing down Bear Stearns, AIG (and see this), WaMu and other mammoth corpora…
Bought and Paid For
October 10th, 2009 |
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Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.This is easy to confir…
Credit Default Swaps – Love ‘Em, Ban ‘Em, or Tax ‘Em?
September 30th, 2009 |
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I have repeatedly argued that over-the-counter credit default swaps (CDS) – or at least at least “naked” CDS – should be banned (“naked CDS” is the term I coined to describe the situation where the buyer is not the referenced entity. I will not comment…
Credit Default Swaps Are STILL Dangerous
September 16th, 2009 |
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I have repeatedly argued that “naked” over-the-counter credit default swaps (CDS) should be banned (“naked CDS” is the term I coined to describe the situation where the buyer is not the referenced entity. There is at least some economic usefulness …
Congress Woman Introduces Bill to Ban All Credit Default Swaps
July 17th, 2009 |
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I’m a little late to this story, but last week Congresswoman Maxine Waters introduced a bill to ban all credit default swaps.As Waters said:Preventing all credit-default swaps is essential to bringing stability to the market and preventing a similar cr…