CFTC Caves To Wall Street, Will Continue To Allow Cartel To Control Derivatives Market

By: Friday May 17, 2013 7:59 am

Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market. Under pressure from Wall Street lobbyists, federal regulators [...]

Obama Considering Ruth Porat For Deputy Treasury Secretary Despite Dodd-Frank Lobbying

By: Tuesday January 15, 2013 7:29 am

Optics-obsessed Washington’s latest issue is a lack of women in high profile positions in the Obama Administration. The issue for Obama previously was not a lack of women but their treatment in his administration. Regardless, the President has now floated two women for positions within his administration. From Bloomberg: President Barack Obama is considering two [...]

Banks Win Delay On Derivatives Rule

By: Friday January 4, 2013 7:35 am

In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now. From Bloomberg: JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Bank of America Corp. won a delay of Dodd-Frank Act requirements that they wall off some derivatives trades from bank [...]

UBS “Rogue Trader” Convicted for Fraud

By: Tuesday November 20, 2012 9:15 am

Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting. in a case most applicable to the arrest and trial of Lynndie England for torture. [...]

Shadow Banking System Grows Larger After Financial Crisis

By: Monday November 19, 2012 10:46 am

Most experts agree that one of the major causes of the financial crisis was the rise of the shadow banking system, an unregulated sector of financial transactions that often stand in for traditional banking operations. This includes money market funds, insurance products like credit default swaps (as well as much of the unregulated derivatives market), [...]

Wall Street Journal Names Some Names in Libor Case

By: Tuesday July 24, 2012 9:35 am

At least a dozen traders from nine global banks conspired to rig the benchmark Libor interest rate, according to the latest report from the Wall Street Journal. The traders reportedly worked together to target the Libor when it would positively impact their profit margin. This occurred from at least 2005 to 2011. Incredibly, this would [...]

Hedge Fund Gambling: Fine, Just Keep My Tax Dollars Out of It

By: Monday May 28, 2012 9:45 am

It turns out that I have a connection to the whole JPMorgan Chase Fail Whale trades. The guy who led the hedge fund pushback against the London Whale, the one who took the other side of the bet, the one who made the profit off of JPM’s massive loss, is a guy named Boaz Weinstein. [...]

Senate Banking Committee Holds First Round of Hearings on Fail Whale Trades

By: Wednesday May 23, 2012 8:58 am

Federal regulators maintained at a Senate Banking Committee hearing yesterday that investigations against JPMorgan Chase were ongoing, but that several factors, especially the funding of their agencies, would hamper their efforts. This was the first confirmation by the heads of the Commodity Futures Trading Commission and the Securities and Exchange Commission, Gary Gensler and Mary [...]

Polling Shows Danger of Being on Wrong Side of Housing and Bank Accountability

By: Wednesday May 16, 2012 8:24 am

The polling showing that voters hold negative opinions of the President’s performance in housing policy and Wall Street accountability suggests that Americans have a hungering for a much tougher policy on these issues and will reward candidates who reflect that, according to the pollster who did the survey. Jim Williams of Public Policy Polling, who [...]

Sen. Merkley Speaks Out on the Volcker Rule and the Fail Whale Trade

By: Tuesday May 15, 2012 1:06 pm

In addition to asking Jeff Merkley about filibuster reform, I sought his reaction to the Fail Whale trades that have racked up massive losses at JPMorgan Chase. Merkley, along with Carl Levin, authored the Volcker rule, the ban on most types of proprietary trading, that made its way into the Dodd-Frank financial reform bill. There [...]

Derivatives Overseer Rules Greek Debt Swap a “Credit Event,” Leading to CDS Payouts

By: Saturday March 10, 2012 8:55 am

The International Swaps and Derivatives Association ruled yesterday that the Greek debt restructuring deal will trigger about $3 billion in credit default swaps, a tiny fraction of the total CDS insurance on the loans. This makes the debt swap a partial “credit event,” or default. Billions of dollars are to be paid out in insurance-like [...]

Advertisement
FOLLOW FDL NEWS DESK

Close