The Shadowy Side of Derivatives Trading
Even after the economic crash and subsequent scrutiny of Wall Street, a circle of big banks has managed to maintain a monopoly on derivatives trading and keep a cloak of secrecy over its process.
Even after the economic crash and subsequent scrutiny of Wall Street, a circle of big banks has managed to maintain a monopoly on derivatives trading and keep a cloak of secrecy over its process. –JCL
Your support matters…The New York Times:
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.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
We can’t put a price tag on our free press, but predatory investors can.
The U.S. government is unnecessarily feeding the “financialized” economy in which money makes money without producing new goods and services.
Critics predicted the 2017 legislation would reward major corporations and the rich. New data indicates that they were right on the money.
The Federal Reserve needs to keep pumping new money into the banking system, so why not inject cash directly into Americans' bank accounts?
"The capitalist system that we’re all part of has a downturn on average every four to seven years ... everybody knows it's coming."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.