NY Times: 'Secret banking elite rule the world in derivatives' by piratenews

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NY Times: 'Secret banking elite rule the world in derivatives'

POSTED BY: PIRATENEWS
UPDATED: Tuesday, December 14, 2010 09:09
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Tuesday, December 14, 2010 9:09 AM

John Lee, conspiracy therapist at Hollywood award-winner History Channel-mocked SNL-spoofed PirateNew.org wooHOO!!!!!!

Jew bankstas laffin all the way to their counterfeit banks

A Secretive Banking Elite Rules Trading in Derivatives

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.

Banks collect many billions of dollars annually in undisclosed fees associated with these instruments — an amount that almost certainly would be lower if there were more competition and transparent prices.

Just how much derivatives trading costs ordinary Americans is uncertain. The size and reach of this market has grown rapidly over the past two decades. Pension funds today use derivatives to hedge investments. States and cities use them to try to hold down borrowing costs. Airlines use them to secure steady fuel prices. Food companies use them to lock in prices of commodities like wheat or beef.

The Department of Justice is looking into derivatives, too. The department’s antitrust unit is actively investigating “the possibility of anticompetitive practices in the credit derivatives clearing, trading and information services industries,” according to a department spokeswoman.

Indeed, the derivatives market today reminds some experts of the Nasdaq stock market [founded by USA's #1 convicted criminal jew Bernie Madoff] in the 1990s. Back then, the Justice Department discovered that Nasdaq market makers were secretly colluding to protect their own profits. Following that scandal, reforms and electronic trading systems cut Nasdaq stock trading costs to 1/20th of their former level — an enormous savings for investors.

http://www.cnbc.com/id/40628316

It used to be a felony to play Ponzi with derivatives. Now USA owes Quadrillion$ in derivative debt...

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