You
have heard how complicated, arcane deals undermined global finances?
Because those “greedy” bankers, intent on “obscene”
profit-making schemes used them to the detriment of all.
After
lengthy investigations were made, and our politicians in Washington
completed their pious speeches, the media contributed
their remarks.
And
then Congress made its conclusions. Some insights
were finally gained on how derivatives really work and their purpose.
The upshot of all the nattering? Draconian regulation in the form of
the Dodd-Frank Act of 2010.
This
piece of legislation is still a work in progress so the unintended
consequences are slowly but surely unfolding day by day.
I comment on them as they periodically occur. (See the
Earl J. Weinreb NewsHole® comments.)
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