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A Secretive Banking Elite Rules Trading in Derivatives
#1
A Secretive Banking Elite Rules Trading in Derivatives
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.
The world is a dangerous place to live - not because of the people who are evil but because of the people who don't do anything about it.
- Albert Einstein
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#2
RE: A Secretive Banking Elite Rules Trading in Derivatives
(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.
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#3
RE: A Secretive Banking Elite Rules Trading in Derivatives
"What is the robbing of bank compared to the founding of a bank?"


-- Bertold Brecht.
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#4
RE: A Secretive Banking Elite Rules Trading in Derivatives
(December 13, 2010 at 2:09 pm)Mishka Wrote: Unless they are breaking the law, they have every right to keep the details of the meetings private.

The word for today is:

Collusion

Quote:In the study of economics and market competition, collusion takes place within an industry when rival companies cooperate for their mutual benefit. Collusion most often takes place within the market structure of oligopoly, where the decision of a few firms to collude can significantly impact the market as a whole. Cartels are a special case of explicit collusion. Collusion which is not overt, on the other hand, is known as tacit collusion.
Quote:Collusion is largely illegal in the United States, Canada and most of the EU due to competition/antitrust law, but implicit collusion in the form of price leadership and tacit understandings still takes place.
"How is it that a lame man does not annoy us while a lame mind does? Because a lame man recognizes that we are walking straight, while a lame mind says that it is we who are limping." - Pascal
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#5
RE: A Secretive Banking Elite Rules Trading in Derivatives
(December 14, 2010 at 2:58 pm)Jaysyn Wrote:
(December 13, 2010 at 2:09 pm)Mishka Wrote: Unless they are breaking the law, they have every right to keep the details of the meetings private.

The word for today is:

Collusion

Quote:In the study of economics and market competition, collusion takes place within an industry when rival companies cooperate for their mutual benefit. Collusion most often takes place within the market structure of oligopoly, where the decision of a few firms to collude can significantly impact the market as a whole. Cartels are a special case of explicit collusion. Collusion which is not overt, on the other hand, is known as tacit collusion.
Quote:Collusion is largely illegal in the United States, Canada and most of the EU due to competition/antitrust law, but implicit collusion in the form of price leadership and tacit understandings still takes place.

Then file your lawsuit to prove it.
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#6
RE: A Secretive Banking Elite Rules Trading in Derivatives
Read the article much?

Quote:The Department of Justice is looking into derivatives, too. The department’s antitrust unit is actively investigating “the possibility of anticompetitive practices in the credit derivatives clearing, trading and information services industries,” according to a department spokeswoman.
"How is it that a lame man does not annoy us while a lame mind does? Because a lame man recognizes that we are walking straight, while a lame mind says that it is we who are limping." - Pascal
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#7
RE: A Secretive Banking Elite Rules Trading in Derivatives
(December 14, 2010 at 4:58 pm)Jaysyn Wrote: Read the article much?

Quote:The Department of Justice is looking into derivatives, too. The department’s antitrust unit is actively investigating “the possibility of anticompetitive practices in the credit derivatives clearing, trading and information services industries,” according to a department spokeswoman.

Looking into means exactly that. Have any suits been filed? Anyone charged with collusion? How many things does the SEC and DOJ look into without taking action? A lot of ifs and buts there.
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#8
RE: A Secretive Banking Elite Rules Trading in Derivatives
We all know banks are evil, lol.

I saw this on msnbc the other day and was surprised to see that there is a lot of evidence to prove this is actually happening. (I forget who wrote a book on it but I know it was a Rolling Stones Magazine contributor.)
Quote:"An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity. "
Martin Luther King, Jr.
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#9
RE: A Secretive Banking Elite Rules Trading in Derivatives
(December 14, 2010 at 6:02 pm)HeyItsZeus Wrote: We all know banks are evil, lol.

I saw this on msnbc the other day and was surprised to see that there is a lot of evidence to prove this is actually happening. (I forget who wrote a book on it but I know it was a Rolling Stones Magazine contributor.)

Matt Taibbi ??? I know he writes for RS and has written several articles on the economy and the banks.
The world is a dangerous place to live - not because of the people who are evil but because of the people who don't do anything about it.
- Albert Einstein
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#10
RE: A Secretive Banking Elite Rules Trading in Derivatives
I hope wikileaks th bank info soon
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