(December 13, 2010 at 10:03 am)lilyannerose Wrote: Look at what the meltdown of 2008 has produced. Too many damned secrets surrounding those who impact the economy and the prices we pay.
The New York Times
December 11, 2010
A Secretive Banking Elite Rules Trading in Derivatives
By LOUISE STORY
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.
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.
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.
Are they members of the govt.? No? Then they have every right to meet , where, when and how they want. Unless they are breaking the law, they have every right to keep the details of the meetings private. If you have a problem with that, take it up with the SEC and the NY Federal Reserve. The one Geithner used to run. Let us know how that works out.
