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Author Topic: "No financial market can afford to remain a Wild West territory,"  (Read 1022 times)
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WhiskeyGirl
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« on: September 15, 2010, 06:06:16 AM »

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"No financial market can afford to remain a Wild Westterritory," said Michel Barnier, the EU commissioner in chargeof reform of financial services.

"Today, we are proposing rules ... so we know who is doingwhat, and who owes what to whom."

...

The Commission wants better identification of trades in this$600 trillion market, where many multi-million-euro deals arerecorded only by a fax between seller and buyer.

Did all those AIG derivatives and counterparty agreements exist only by fax?  Text message?

Quote
These banks, which include Deutsche Bank  <DBKGn.DE>,Barclays <BARC.L>, Goldman Sachs <GS.N>, JP Morgan <JPM.N>, Bankof America <BAC.N> and Citigroup <C.N>, design derivatives forcustomers and trade them among themselves.

The European Securities and Markets Authority will beallowed to temporarily stop short selling or prevent unilateralbans by countries such as one imposed by Germany earlier thisyear.

Why shouldn't a nation ban dangerous financial gambling?

more here - http://www.foxbusiness.com/markets/2010/09/15/eu-unveils-short-selling-curbs-derivatives-controls/

Who profited from the AIG pass-throughs?  Who was the winner when taxpayers were losing billions?  Who got a bag of taxpayer loot?  Why do those names remain secret?

When will someone in Washington look out for taxpayers?
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