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2009-03-23 Home Front Economy

AIG Larry Summers and the Politics of Deflection

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Posted by tipper 2009-03-23 13:43|| || Front Page|| [7 views ] Top

#1 The money quote: "The idea is simple and not that radical. A US law banning OTC derivatives and moving them to regulated exchanges would end a colossal shadow banking fraud. Banks would not lose much more than already, but the world financial system would get back to normal. OTC derivatives are unregulated precisely to hide risk and enable fraud by the banks. It is past time to end that. There is where the US Treasury and other Governments must focus, not on meaningless transparency calls or trading bonus justice."

Posted by Anguper Hupomosing9418 2009-03-23 15:31|| 2009-03-23 15:31|| Front Page Top

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