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

By: Saturday March 10, 2012 11:30 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 [...]


Obama Won’t Support a Tax on Rich Traders

By: Thursday November 10, 2011 11:30 am

Oligarchs hate that financial transactions tax, and they have senior administration officials in high places to protect their wealth from any tax, no matter how small.

The Next Bailout: BofA Moves Derivatives into Insured Institution

By: Tuesday October 18, 2011 7:20 pm

This has been described as another bailout, and it’s not hard to see why. The derivatives go into the insured institution, protecting the counter-parties, and they would be paid off in the event of a failure. Notice that the counter-parties themselves are managing the process, requesting that their bets get implicit government backing. The notional value on these derivatives trades is $75 trillion, with a T. This includes their European derivatives exposure. And according to Bloomberg, JPMorgan Chase has already done this.

Geithner Pries Away $30 Trillion Forex Derivative Market from Regulation

By: Saturday April 30, 2011 8:08 am

Just as most derivatives are set to be put onto clearinghouses, Treasury Secretary Timothy Geithner exempted a large group of derivatives, foreign currency swaps, from the regulations.

Jamie Dimon Whines, Threatens, and Cajoles

By: Sunday April 10, 2011 10:40 am

Jamie Dimon and JPMorgan Chase are leeches. Why don’t they move to Singapore?

Geithner Poised to Gut New Derivatives Rules with Foreign Exchange Swaps Exemption

By: Monday March 21, 2011 2:50 pm

The bank lobbyists are pushing hard for this exemption, which should tell you a lot about it. And Geithner appears to be right there with them.

Astroforging Returns: Lobbyists Write Fake Letters in Support of Derivatives Rules

By: Friday February 11, 2011 3:30 pm

Way back in the day when I was just a mere independent blogger and not THE MEDIA ENTIRE I wrote about the practice lobbyists engaged in on the climate change bill, forging letters to members of Congress and claiming they came from grassroots organizations. I labeled the practice “astroforging.”

This was a fairly noteworthy scandal, and it appeared that no lobbyist would try such a tactic ever again.

That took about a year.

FDL Special Book Salon Welcomes Byron Georgiou, The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

By: Tuesday February 1, 2011 11:00 am

The Final Report of the Financial Crisis Inquiry Commission is a fascinating history of the Great Crash of 2008. Join us as FDL’s Ed Walker hosts a special FDL Book Salon chat with Commissioner Byron Georgiou about the FCIC’s findings.

CFTC Corruption: One Judge Accuses Another of Protecting the Banks

By: Friday October 22, 2010 3:00 pm

Administrative Law Judge at the CFTC (Commodity Futures Trading Commission), George Painter, revealed in his retirement letter that a colleague of his, Judge Bruce Levine, has never awarded a case in favor of a plaintiff in 20 years on the bench. He traces this back to a deal Levine made with Wendy Gramm, the former head of the CFTC and the wife of Phil Gramm (R-Enron and UBS). Indeed, the numbers check out, at least for the time period we know about; Judge Levine has never decided in favor of a plaintiff, i.e. never decided in favor of an investor crying mistreatment or fraud by a commodity dealer or major broker in commodity futures and derivatives trading.

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