Partnoy's book suggests that some of the derivatives market stands significantly above gambling. He describes how financial industry created derivatives too complex for the chief financial officers of major companies (for example General Electric) to understand. They were structured so that one side was almost guaranteed to win. More like the Washington Generals than the Utah Jazz.
On Mon, Dec 25, 2006 at 10:29:04AM -0800, Jim Devine wrote: > > the global market for them, along with their complexity. The Utah Jazz > example says that the break-down of the wall between speculation and > gambling has accelerated of late. > -- -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
