(Art That Strikes Back!)
"It's not as though these kinds of transactions hadn't already wreaked havoc with the world economy. It was AIG's inability to make good on such deals (many of them with Goldman and its ilk) and Lehman Brothers' accumulation of dubious derivatives that kicked off the Great Recession through which we will be stumbling for years to come.So you might expect Congress would have regulated the derivatives market, which it exempted from regulation in 2000. But you would be wrong. The financial reform bill the House passed last year required these derivatives to be traded on an exchange, so that regulators and potential buyers could track the deals and prices and interest rates, so that future Lehmans -- and perhaps Greeces -- wouldn't blow up. But in the face of opposition from Republicans and some center-right Democrats, the House voted to exempt roughly half the derivatives market from the requirement that they be listed on an exchange. There was no remotely plausible case for this, but the six big depositor and investment banks that dominate the derivatives trade wanted the exemption, and they got it...."Too bad they aren't partnerships any more....now they are playing with everyone else's money.
Makes your blood boil.
No, it makes me want to see Michael Palin run over them, like Kevin Kline the end of a Fish Called Wanda.