Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul

Bloomberg News:

Aug. 31 (Bloomberg) -- Wall Street is suiting up for a battle to protect one of its richest fiefdoms, the $592 trillion over-the-counter derivatives market that is facing the biggest overhaul since its creation 30 years ago.

Read the whole story: Bloomberg News

Comments

[bayviking]

Derivatives, NYSE, NASDAQ....­.should never be traded with"proprietary" software, any more than election results. Doing this invites criminality.

Yet, that is exactly what is going on. The owners of these programs have profited from these markets, which they manipulate. Goldman-Sachs, Merrill-Lynch, Morgan-Stanley, & Smith-Barney partnered with their buddy Bernie Madoff in one of these ventures named PRIMEX TRADING on the NASDAQ.

Bernie's mistake was to be a person. If you do these things under the veil of a to-big-to-fail Corporation then your sins will be washed away aand you will even receive a bailout of half this countries net worth.

Where is the outrage?

[Zenith1959]

I mentioned this a day or two ago on another post about derivatives, but after a little "Googling" it seems that there is $257 Trillion in the world. How can they be playing some game worth twice as much money as every person, bank, company or government put together has? Can anyone explain what is going on here?

[hopefull252]

Fraud

[marinade]

Looks like we have another choice between fake reform and no reform.

[civilbehavior]

When someone walks by you and breaks your back what do you do?

[civilbehavior]

Keep diggin folks. You have no idea how deep this hole is.

[QueenMaeve]

What strikes me, is that we're in such colossally terrible financial straits that we can't afford health care, yet hundreds of trillions of dollars are being distributed among these greedy beasts. Republicans want to regulate whether a woman has access to birth control, but this racket is not being regulated at all. It's appalling on a level I can't even describe.

[civilbehavior]

In 1980 “Hedge Fund” managers would make approximately the same as a good lawyer in a top firm, or a highly skilled doctor, or top Wall Street Analysist.

The top 25 “Hedge Fund” managers in 2007 made AN AVERAGE of 877 MILLLION DOLLARS in 2007 alone. By contrast, the TOP neurosurgeons in this country makes an average of 2.7 million dollars.

It's time to , FIGHT the money.

It's time we play their game. We rob their banks. Legally. We target the BIG “piggy banks”. Bank of America, Citicorp, Chase and Wells Fargo. We play with money. Our money. We take it AWAY from them.

Take your money out of the big banks and put it into smaller ones. As you walk away make sure you let the bank manager know you are linking their particular “reversal in fortune" to the filthy rich lobbyists who are writing bailouts for every industry including health insurance.

Then you try to convince as many people that they need to do the same thing We slowly get people to move a great deal of money OUT OF the big banks . We tie it to the fact that we are tired of having our laws written by a bunch of rich lobbyists, big bankers included. What would bank managers be reporting back to their CEO's?

THEN sit back and watch what Congress does.

It’s time to use your money wisely. Break their back like they broke yours. TAKE IT AWAY from them.

[vinny]

obama further institutionalizing derivative markets...

[dutch163]

I think the derivatives are evil
this should not be allowed
this is ground-zero for out financial problems

[richinkle]

Gambling profits should be taxed at a steeply progressive rate, starting at 50%.

Over the counter derivatives profits, hedge fund profits, black jack winnings, roulette table hits, etc, over about $100K/year, ought to be taxed at a 50% rate, with an additional 10% over $1 million, an additional 10% over $10 million, an additional $10 over $100,000,000 etc.....

ILL - Gotten gold is nobody's gain. It's time to quit the nauseating and pernicious concentration of wealth in the hands of the very few that is destroying our democracy.

[dadw5boys]

Don't you guys get it these side bets have grown from $217 Trillion in Sept of 2008 to $592 Trillion in just a year.

What can they win that will have that much value ??
Control over the U.S. Government ???
Control over the Federal Reserve ?

Control over the U.S. Economy ?

[hopefull252]

They already have all of the above, the world is next and they own most of it already.

[BlackBuddha]

World Gross Product output is between 14 and 15 Trillion..­..

per year.

So....

When this market fails.... 40 years of slave labor will be needed to

pay for the derivative market loss.

Certainly, I see no possible need for regulation.

It would only shed a light on how boned we really are....

[Brute]

The Stimulus is Working! All Praise Obamessiah!


Budget Crisis: City Takes Out $275M Loan
http://cbs3.com/topstories/Philadelphia.Budget.mayor.2.1157773.html

Mayor Michael Nutter announced Tuesday the city will take out the $275 million loan from JP Morgan Chase. The loan comes with a 3 percent interest rate if paid in full by November 30. On December 1, the interest rate increases to 8 percent.

[dadw5boys]

Did you ask Paulson why he started the bailout that prevented prosecutions of those involuved in RICO Activaties like the SubPrmie Lenders or so you think you can rewrite history with silly post ?

[Rumplestiltskin]

comment test

[lunchman]

Wall street is no pushover. These guys play for keeps, yours, mine and everyones.
I, too, would like to be this smart someday.