Skip to main content


And we can thank those people-oriented Europeans for finally being the ones to stand up for it. To demand that Wall Street put their shady Derivatives dealings above board; into the bright light of day; for all see.


EU Charges Banks Over Derivatives Trading
Preliminary Charges Say Banks Colluded to Keep Credit-Default Swaps Away From Regulated Exchanges

by Matthew Dalton, Wall Street Journal -- Jul 01, 2013

BRUSSELS -- European antitrust authorities charged 13 of the world’s largest investment banks on Monday with colluding to prevent the lucrative global business of trading credit derivatives from moving onto regulated exchanges and away from markets controlled by the banks.

The charges against the banks are another black eye for the multitrillion-dollar market for credit-default swaps, the derivatives that act as insurance against a debt default by a company or a government. These derivatives were blamed for accelerating the spread of the financial crisis after the collapse of Lehman Brothers Inc. in 2008 by allowing banks and other financial institutions to take on huge risks with little oversight from regulators.

Now, European authorities say the banks, including Goldman Sachs Group Inc., J.P. Morgan Chase & Co., and Deutsche Bank AG, conspired to prevent trading from moving onto potentially less risky, more-transparent platforms, where their profits would be significantly lower.
[...]

All of the banks declined to comment.
[...]


Let's hope those do-something Europeans are successful in getting more Derivatives transparency ...

So that the next time the Bankers over-leverage and over-extend themselves -- with our collateral -- maybe they won't almost crash Economy in the process.

Or callously kick us out of our homes as a result, either.


Those dang Europeans -- always thinking about the little people. Oh the nerve, to DEMAND that Wall Street's "Toxic Assets" be subject to the bright light of day. For the whole world to see, what they rather we not see.



Originally posted to Digging up those Facts ... for over 8 years. on Mon Jul 01, 2013 at 09:01 PM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

SME in Seattle, bink, Superskepticalman, chrississippi, RF, Chi, teacherken, glitterscale, Liberal Thinking, Geenius at Wrok, Gooserock, emal, Shockwave, cotterperson, LEP, Aspe4, eeff, xynz, HootieMcBoob, exNYinTX, hubcap, bronte17, TracieLynn, BlackSheep1, wonkydonkey, susakinovember, whenwego, ask, boadicea, taonow, semiot, Alna Dem, wader, NMRed, psnyder, TexDem, Dallasdoc, mrkvica, agincour, JimWilson, dkmich, zerelda, ybruti, fran1, eztempo, Josiah Bartlett, thereisnospoon, rapala, averageyoungman, maybeeso in michigan, Bluesee, radarlady, Tinfoil Hat, jhancock, SherwoodB, chimene, irate, grimjc, stagemom, david78209, Laurence Lewis, fixxit, Sun Tzu, most peculiar mama, markdd, mightymouse, Alan Arizona, xaxnar, Jim P, detroitmechworks, profundo, sleipner, Lefty Coaster, NBBooks, DarkestHour, shrike, philipmerrill, twigg, gooderservice, el cid, middleagedhousewife, hlsmlane, onionjim, BlueMississippi, CA Nana, Clive all hat no horse Rodeo, BB10, shaharazade, kurious, Friend of the court, bartcopfan, One Pissed Off Liberal, pfiore8, Habitat Vic, ColoTim, gailwax, semioticjim, deepeco, aliasalias, HCKAD, letsgetreal, Sarahkatheryn, bobswern, ImpeachKingBushII, Don midwest, South Park Democrat, TomP, gizmo59, VA Breeze, JDWolverton, cynndara, mconvente, also mom of 5, GAS, Involuntary Exile, elwior, Buckeye Nut Schell, KJG52, Calamity Jean, Lujane, No Exit, JBL55, multilee, J M F, ceebee7, nchristine, banjolele, Nebraskablue, Norm in Chicago, Methinks They Lie, Partisan Progressive, socal altvibe, shopkeeper, petral, kevinpdx, Tortmaster, astral66, jpmassar, Words In Action, Lefty Ladig, Just Bob, The Jester, Crabby Abbey, psychbob, gulfgal98, Kristina40, DerAmi, Publius2008, DrTerwilliker, ericlewis0, USHomeopath, slice, Onomastic, allenjo, slowbutsure, vahana, trumpeter, marleycat, KVoimakas, LSmith, PhilJD, MinistryOfTruth, poliwrangler, VTCC73, jham710, DRo, Mentatmark, No one gets out alive, Azazello, anodnhajo, isabelle hayes, greenbastard, Siri, IndieGuy, Eric Nelson, congenitalefty, Horace Boothroyd III, Mike RinRI, hotheadCA, lunachickie, Victim of Circumstance, dotdash2u, wasatch, Robynhood too, CalBearMom, Heavy Mettle, Quasimodal, Lily O Lady, Chaddiwicker, DamselleFly, argomd, goodpractice, Icicle68, rigcath, LilithGardener, oslyn7, patbahn

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site