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.