Derivatives

US Banking Insurance: Only $6 in Reserves Per $10,000 in Deposits

US Banking Insurance: Only $6 in Reserves Per $10,000 in Deposits
Shifting the burden of a major bank collapse from the blameless taxpayer to the blameless depositor is another case of robbing Peter to pay Paul, while the real perpetrators carry on with their risky, speculative banking schemes. The only way to truly prevent risky derivatives from blowing up in the economy's face is to prevent the risks in the first place, through regulation or, gasp, even bank nationalization.
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Congress Too Lazy to Write Bill, Copies Citigroup's Instead

Congress Too Lazy to Write Bill, Copies Citigroup's Instead
When five mega-companies control 90-percent of a $700 trillion market, it's safe to say that they can afford some pretty good lobbyists in Washington. According to a report from Mother Jones released on Friday, however, Citigroup's influence on Capitol Hill is so strong that the House financial services committee passed legislation that was practically plagiarized from a proposal drafted by the bank's lobbyists.
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Brandon Perkins
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