Wall Street Meltdown Primer
by Walden Bello -clip- Was this a case of Wall Street outsmarting itself? Definitely. Financial speculators outsmarted themselves by creating more and more complex financial contracts like derivatives that would securitize and make money from all forms of risk - including such exotic futures instruments as "credit default swaps" that enable investors to bet on the odds that the banks' own corporate borrowers would not be able to pay their debts! This is the unregulated multi-trillion dollar trade that brought down AIG. ^^^^ CB: How about a law that proclaims that the result of such processes , such financial contracts, shall not be money or any other form of value ? This message has been scanned for malware by SurfControl plc. www.surfcontrol.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
