Rozhovor pro Investorský magazín ČT24: O podstatě Gramm-Leach-Bliley zákona

04. 05. 2009 | 09:38
Přečteno 6828 krát
Znovu s moderátorkou pravidelného nedělního programu ČT24, Investorský magazín, 3.5.2009 - s tématem "Investice do zlata a nepovedená deregulace bank" *), Mgr. Ivanou Šalomonovou ...

... mj. se vskutku historickou - v Evropě domnívám se dosud nepublikovanou - fotografií okamžiku slavnostního podpisu amerického zákona o modernizaci finančního sektoru, známého podle jeho autorů, členů Kongresu USA, Gramma, Leache a Blileyho, prezidentem Clintonem 12. listopadu roku 1999, který znovu, po 66-ti letech, umožnil slučování komerčního a investičního, tedy s burzou spojeného bankovnictví.

Něco o podstatě tohoto zákona, jeho přijetí, chtěných a nechtěných dopadech a příčinách krize (neregulované úvěrové swapy, atd.), s projevy velice nadšenými a naopak velmi varovnými, je v druhé části programu, poté, kdy se manažer Zlatého fondu Generali, Patrik Hudec, zabývá problematikou investování do zlata.

V rozhovoru je také odkaz na blogy aktuálně.cz, konkrétně zářijový článek pro čtvrtletník Přítomnost, Cyklus privatizace zisků - socializace ztrát.


*) Segment videoklipu, zabývajícího se Gramm-Leach zákonem, začíná na 14:25 min





Komentáře

Aktuálně.cz má zájem poskytovat prostor jen pro korektní a slušně vedenou debatu. Tím, že zde publikujete svůj příspěvek, se zároveň zavazujete dodržovat Kodex diskutujících. Pokud Váš text obsahuje hrubé urážky, vulgarismy, spamy, hanlivá komolení jmen, vzbuzuje podezření z porušení zákona, je celý napsán velkými písmeny či jinak odporuje zdejším pravidlům, vystavujete se riziku, že jej editor smaže.
Přejeme Vám zajímavou a inspirativní výměnu názorů.
Libor Stejskal, editor blogů (blogy@aktualne.cz)

Petr Havelka napsal(a):

Pane Millere,

nejsem ekonom, ale chápu. Děkuji za lidský přístup k laikům :)Myslíte, že "chápou" politici, nebo to vyšumí. Vrátí se o 66 let zpátky ke "kořenům".
04. 05. 2009 | 10:30

Petr Havelka napsal(a):

Ještě k Vašim listopadovým dodatkům, Kovanda píše blog na Týdnu.cz

třeba
http://kovanda.blog.tyden.c...
04. 05. 2009 | 12:08

vlk napsal(a):

Pane Millere

ano, magazín jsem viděl. A měl jem radost, že ČT pochopila , co ve Vás má. Místo záplavy stále stejných rychlokvašek pronášejících zásadní soudy a moudra někdo se praktickými a dlouhými osobními zkušenostmi, s hlavou otřískanou omyly a také výčtem skutečných výher! Paráda.
A tak Fotka šťasté skupinky kolem rozverného Clintono podepisujícího zákon, který stál na samém začátku současné krize!

Měl bych prosbu - záznam toho pořadu upadne v zapomnění. Nechtěl byste formou blogu popsat a umístit sem vše co jste tam uvedl. a pojmenoval jednotlivé tváře na té fotce? Aby bylo jasno, že banky a bankéři si na sebe a pro sebe ušili zákon, KTERÝ ZAKÁZAL JAKOUKOLIV REGULACI nad Swapy? To pro zdejší fandy čisté funkc e trhu. Aby bylo jasno, co takový naprosto neregulovaný, byť dílčí trh dokáže. A je třeba jim také připomenout , že hlavní konstruktér zákona byl kandidátem na pozici ministr a financí, pokud by byl býval zvítězil Mc Cain.
A o jmenovité obsazení té fotky bych chtěl proto, aby bylo jasné, kdo vlatsně byl pravým předkladatelem zákona! že to ani tak nebylii politici jako představitelé finančních kruhů! Jimž politici rádi dělali užitečné /a dobře zaplacené / idioty.
Předem děkuji a věřím, že Vás v magazínu uvidím často.
Pan Stejskal by Vám pak měl poděkovat za velmi decentní gratis promotion pro blogy Aktuálně...

Osobně konstatuji, že si link n a program hodlám uložit. Přiznám, že v prvé řadě kvůli věcem, které s e týkají zlata. Řeším pro s ebe i pro některé klieny, jestli náhodou už není nejvyšší čas odejít, minimálně s částí aktiv do žlutého plechu. Mám totiž čím dál větší pochybnosti o závěrečném účtu za celosvětovou léčbu. Tohle závodění v tištění papírových peněz a spoléhání na léčbu přes řízenou inflaci mi jaksi začíná připadat jako léčení chudokrevnosti pouštěním žilou. Nicméně, n a druhé straně je mi jasné, že jiná léčba, je li tu příliš mnoho příliš velkých pro pád neexistuje. Což neznamená, že nás to nakonec nezahubí...
I na tohle téma bych velmi kvitoval nějaký Váš blog. Třeba s názvem -Den po té...

Přeji hezký večer a ještě jednou - děkuji.
04. 05. 2009 | 20:18

Greyhound napsal(a):

Jak pokračují přípravné práce na založení Vaší Centristické strany demokratů, pane Millere?
04. 05. 2009 | 20:26

stejskal napsal(a):

Děkuji, pane Millere,

velmi mne potěšiko, že jste se zmínil o těchto stránkách. Osobně si velmi vážím toho, co jste o nich v magazínu řekl.

Libor Stejskal
04. 05. 2009 | 21:42

Důchodce68r napsal(a):

Pane Millere, také bych uvítal zpracování ještě textové, jak navrhuje pan Vlk, a bylo by nás zájemců jistě mnohem mnohem víc. Děkuji moc předem.
05. 05. 2009 | 06:49

robertmiller napsal(a):

1) K fotografii ze slavnostního podpisu zákona o modernizaci finančních služeb (Gramm-Leach-Bliley Act) 12. 11. 1999, tedy 2 měsíce před tím, než Bill Clinton předal Bílý dům G. W. Bushovi:

Zcela vlevo je Alan Greenspan, vedle něj je legislativec, jehož tvář si z kuloárů Kapitol Hill a médií vybavuji, ale nedokážu zařadit. Dále doprava je Phil Gramm, hlavní sponzor (autor) zákona, od něj blíže k Clintonovi spokojený GŘ Citibank, Sanford "Sandy" Weill (mj. jeden z "pionýrů", kteří již na konci 70. let, konkrétně v Baltimoru, propagoval a prodával subprime hypotéky). Nalevo za Clintonem (po Clintonově pravici) stojí a jako všichni se směje tehdy "náš", marylandský senátor, Sarbanes (později, po podvodech Enronu, WorldCom, Tyco-Kozlowski a jiných velkých případech korporační korupce, spolu s kongresmanem Oxley spoluautor "SOX", Sarbanes-Oxleyho zákona, který zpřísňuje reporting, včetně toho, který se dává Komisi cenných papírů pro firmy kotované na burze.) Napravo za Clintonem je kongresman Leach, republikán z Iowy, po pádu komunismu se zájmem o náš koutek světa. Vzadu pak současný „náš“ senátor, Dodd z CT, demokrat, také s pár „šrámy“. Nejvíc napravo je pak kongresman Livingston, republikán, později šéf Bushovy Komise k 11-9, který, ačkoliv musel místo šéfa klubu republikánů opustit kvůli nevěře, je celkem OK chlapík). Na obrázku chybí jeden z podporovatelů zákona, Rubin, do léta 1999 Clintonův MF, který i s Greenspanem od 1997 hájil neregulování derivátů. Rubin poté působil ve vedení Citicorp a letos v lednu z většiny funkcí v ní rezignoval).

2) Kromě textu v pořadu citovaného zákona o vyloučení swapů ze státního dohledu žádný text pořadu nemám, zde jsou tedy odkazy na oficiální zdroje (Sbírka zákonů a Kongres USA), kde lze citovanou pasáž v kontextu najít. Bohužel, pro snadnější orientaci nemohu příslušnou část zvýraznit, přitom chci ponechat alespoň minimální souvislosti.
http://thomas.loc.gov/cgi-b...

SEC. 206. DEFINITION OF IDENTIFIED BANKING PRODUCT.
(a) DEFINITION OF IDENTIFIED BANKING PRODUCT- For purposes of paragraphs (4) and (5) of section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a) (4), (5)), the term `identified banking product' means--
(1) a deposit account, savings account, certificate of deposit, or other deposit instrument issued by a bank;
(2) a banker's acceptance;
(3) a letter of credit issued or loan made by a bank;
(4) a debit account at a bank arising from a credit card or similar arrangement;
(5) a participation in a loan which the bank or an affiliate of the bank (other than a broker or dealer) funds, participates in, or owns that is sold--
(A) to qualified investors; or
(B) to other persons that--
(i) have the opportunity to review and assess any material information, including information regarding the borrower's creditworthiness; and
(ii) based on such factors as financial sophistication, net worth, and knowledge and experience in financial matters, have the capability to evaluate the information available, as determined under generally applicable banking standards or guidelines; or
(6) any swap agreement, including credit and equity swaps, except that an equity swap that is sold directly to any person other than a qualified investor (as defined in section 3(a)(54) of the Securities Act of 1934) shall not be treated as an identified banking product.
(b) DEFINITION OF SWAP AGREEMENT- For purposes of subsection (a)(6), the term `swap agreement' means any individually negotiated contract, agreement, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets, but does not include any other identified banking product, as defined in paragraphs (1) through (5) of subsection (a).
(c) CLASSIFICATION LIMITED- Classification of a particular product as an identified banking product pursuant to this section shall not be construed as finding or implying that such product is or is not a security for any purpose under the securities laws, or is or is not an account, agreement, contract, or transaction for any purpose under the Commodity Exchange Act.

dokončení níže
05. 05. 2009 | 14:15

robertmiller napsal(a):

Gramm-Leach-Bliley, implementace

http://thomas.loc.gov/cgi-b...&

SEC. 2A. SWAP AGREEMENTS.
`(a) NON-SECURITY-BASED SWAP AGREEMENTS- The definition of `security' in section 2(a)(1) of this title does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).
`(b) SECURITY-BASED SWAP AGREEMENTS-
`(1) The definition of `security' in section 2(a)(1) of this title does not include any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act).
`(2) The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this title of any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act). If the Commission becomes aware that a registrant has filed a registration statement with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration statement with respect to such a swap agreement shall be void and of no force or effect.
`(3) The Commission is prohibited from--
`(A) promulgating, interpreting, or enforcing rules; or
`(B) issuing orders of general applicability;
under this title in a manner that imposes or specifies reporting or recordkeeping requirements, procedures, or standards as prophylactic measures against fraud, manipulation, or insider trading with respect to any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act).
05. 05. 2009 | 14:18

vlk napsal(a):

Pane Millere

velmi děkuji! A věřím, že Vás ČT zase brzo pozve.

Sba d si Váš popisek přečetli i zdejší volnotrhovci , třeba takový Marty a Rumcajs.
A budou si pamatovat snímeček, kd e Clinton jako prezident podepisuje zákon osvobozující trh od hnusné státní kontroly a jakékoliv regulace. Včetně toho , že mezi politiky je pan generální z CITIny Snady Weill a jen omylem tam není jeho následovník pan Rubin..
Pročpak jsou asi bankéři u podpisu zákona? Se šťatsným úsměvem? Protože politici jistě schválili něco, co oni hrozně nechtěli. Tak takhle vypadá trh bez limitů a přívlastků.

A je škoda, že jste ve svém textovém doplňku nenapsal to, co řekl při schválení předkladatel Gramm a také to , co řekl jeho demokratický oponen. Samozřejmě už slovy levoun. Schválně - kdo z nich měl pravdu?

No nic. Ještě jednou díky.

A vše dokresluje Greenspanovo vyznání z konc e loňského roku - měl jsme za to , že banky v pudu s ebezáchovy budu provozovat samoregulaci.... .Ten c itát není přesný, smysl ano.
Neprovozovaly. Proč taky. Trh všechno s rovná. Ano srovnal.Dokonale!
05. 05. 2009 | 17:54

Robert Miller napsal(a):

vlkovi:

1) Znovu, jak se možná příliš často opakuji, snažím se vyhýbat se ideologizaci při hodnocení věci. Ostatně třeba Robert Rubin, Clintonův MF a pozdější předseda správní rady Citicorp, byl, jako jeho šéf ve vládě, je Demokrat a i většina Demokratů v obou komorách Kongresu USA hlasovala (podobně jako pro invazi Iráku, aniž bych chtěl, ve všech rovinách srovnávat tyto dvě věci) pro.

Za pouhých 8 let po zrušení 66let starého a "zastaralého" Glass-Steagall, Gramm-Leach-Bliley zákonem, při krizi, která "ohrožuje samotné pilíře finančního systému", abychom citovali Bushova MF a bývalého šéfa Goldman Sachs, je evidentní, že atraktivně znějící modernizace finančních služeb byla v nejednom kritickém ohledu buď skoro smrtelnou a nepochybně velice drahou ránou a zkušeností, přesto i mezi Demokraty velká většina hlasovala pro.

K dispozici mám jen Sněmovnu, ne Senát, ale výsledky i tam budou spíše podobné.

Celkem (ze 419 přítomných):
362 Yea (pro) 83%
57 Nay (proti) 13%
15 (zdrželo)

Demokrati:
153 Yea
50 Nay
4 zdrželi

Republikáni:
207 Yea
6 Nay
10 zdrželo

Nezávislí
1 Nay

2) Něco citací z rozpravy ve Sněmovně (ano, pouze hodinové, pozdě večer):

Maurice Hinchey, D – NY:

Máme jednu hodinu na rozpravu k nejkomplexnější změně v legislativě finančních sektoru v naší zemi za posledních 65 let. Toto je jeden z nejdůležitějších návrhů zákona za mnohá desetiletí, který má Kongres před sebou a my na rozpravě k němu dnes večer ve Sněmovně strávíme jen jednu hodinu. Je to fraška, je to chyba, je to den, kterého budeme litovat. Budujeme zde nástroj, který se nám vrátí a hrozně nán uškodí.

Marcy Kaptur(ová), D – Ohio:

Tento návrh zákona je pro megabary a je proti spotřebitelům. A lidí, kteří dnes sledují televizi bych se ráda zeptala, zda mají plné zuby toho, když volají banku a ztratí se v automatickém telefonním systému, aniž by se dostali k živému lidskému stvoření? Máte plné zuby poplatků za bankomaty a poplatky, které dnes v průměru dosahují 200 USD ročně? Tento návrh zákona věci zhorší. Máte plné zuby megafinančních konglomerátů a fůzí, které z vaší místní banky udělají pobočku finančního centra na druhém konci světa, jehož manažery nikdy nepoznáte a kteří nikdy nepřijdou do vaší obce? Tento návrh zákona to ještě zhorší. Jste skeptičtí, pokud se týká bank, které byly oddané bezpečnosti, prozíravosti a spořivosti, ale teď přesedlávají na to, aby Vám cpaly akcie, pojistky a úvěry? Tento návrh zákona to ještě zhorší.

David Obey, D-WI:

Paní předsedající, tento návrh zákona je podvod na spotřebitelích, který se maskuje coby finanční reforma. Není nic špatného na modernizaci finančních institucí. Je hezké, že mí kolegové (kongresmani) se pokusí ustanovit model „vše na jednom místě“, pokud se finančních služeb týká. Ale vrátit rok 1999 zpět do roku 1929 není podle mne reforma.

Edward Markey, D-MA:

No one should vote for this bill. It is a fatally flawed bill. We should be able to deal with this issue simultaneously with letting the big boys get all they need. We should take care of what ordinary people need for their families as well.
Nikdo by neměl pro tento návrh zákona hlasovat. Je to smrtelně vadný návrh. Měli bychom být schopni tento problém řešit simultánně s tím, že dovolíme, aby velcí páni dostali vše, co chtějí. Měli bychom se také postarat o to, co pro své rodiny potřebují obyčejní lidé.
05. 05. 2009 | 21:17

robertmiller napsal(a):

překlep:

U citátu kongresmanky Kapturové, má být místo "megabary" "megabanky".
05. 05. 2009 | 21:22

vlk napsal(a):

Pane Millere

dokonalé! Díky!
Měl jsme na mysi pan senátora Hincheye!

Jakkoliv paní senátorka kapturová mi mluví z duše, pánové Obey a Markey se kvalifikovali jako prognostičtí geniové!
A ještě drobnost. rozprava trvala hodinu. Jak jste řekl v ČT a píšete dnes! Dokonalá ilustrace jednoho ze zákonů profesora Parkinsona! Přejmenování ulice je kauza pro celé město na řadu dní. KZásadní daňový zákon projede sněmovnou v podstatě bez jakékoliv debaty!!!
Tohle je ten příklad.
Zákon, který o devět let později doslova položil světovou ekonomiku byl za hoďku pod střechou!
05. 05. 2009 | 21:35

Pavel Krajtl napsal(a):

Koho nezajímá zlato, nebo si chce pana Millera stáhnout na video domů, může se podívat na výstřih z pořadu IM na YouTube

http://krajtl.blog.cz/0905/...
06. 05. 2009 | 18:01

JK napsal(a):

Obama Urges Rules on Investments Tied to Financial Crisis

WASHINGTON — In its first detailed effort to overhaul financial regulations, the Obama administration on Wednesday sought new authority over the complex financial instruments, known as derivatives, that were a major cause of the financial crisis and have gone largely unregulated for decades.

The administration asked Congress to move quickly on legislation that would allow federal oversight of many kinds of exotic instruments, including credit-default swaps, the insurance contracts that caused the near-collapse of the American International Group.

The Treasury secretary, Timothy F. Geithner, said the measure should require swaps and other types of derivatives to be traded on exchanges or clearinghouses and backed by capital reserves, much like the capital cushions that banks must set aside in case a borrower defaults on a loan. Taken together, the rules would probably make it more expensive for issuers, dealers and buyers alike to participate in the derivatives markets.

The proposal will probably force many types of derivatives into the open, reducing the role of the so-called shadow banking system that has arisen around them.

“This financial crisis was caused in large part by significant gaps in the oversight of the markets,” Mr. Geithner said in a briefing. He said the proposal was intended to make the trading of derivatives more transparent and give regulators the ability to limit the amount of derivatives that any company can sell, or that any institution can hold.

The initiative was well received by senior Democrats in Congress with jurisdiction over the issue. The proposal had been expected, but some lawmakers, impatient with the pace of the new administration’s efforts, had begun moving ahead themselves.

Hinting at a lobbying campaign to come, Robert Pickel, the chief executive of the International Swaps and Derivatives Association, a trade group, said his organization “looked forward to working with policy makers to ensure these reforms help preserve the widespread availability of swaps and other important risk management tools.”

But some in the financial industry say that regulation is inevitable. “Nobody is in a ‘just say no’ mode,” said Steven A. Elmendorf, a former aide to the House Democratic leadership who represents several major financial institutions and groups. “Everybody understands that we’ve been through a financial crisis and that change has to happen. And the only question is how the change happens.”

The administration is seeking the repeal of major portions of the Commodity Futures Modernization Act, a law adopted in December 2000 that made sure that derivative instruments would remain largely unregulated.

The law came about after heavy lobbying from Wall Street and the financial industry, and was pushed hard by Democrats and Republicans alike. It was endorsed at the time by the Treasury secretary, Lawrence H. Summers, who is now President Obama’s top economic adviser.

At the time, the derivatives market was relatively small. But it soon exploded, and the face value of all derivatives contracts across the world — a measure that counts the value of a derivative’s underlying assets — outstanding at the end of last year totaled more than $680 trillion, according to the Bank for International Settlements in Switzerland. The market for credit-default swaps — a form of insurance that protects debtholders against default — stood around $38 trillion, according to the international swaps group. That represents the total amount of insurance that has been written on various kinds of debt, but the amount that would have to be paid out if the debt went into default is considerably less.

As the credit crisis has unfolded, trading in credit-default swaps has cooled, market participants said. The collapse of A.I.G. took a huge player out of the market and banks, hobbled by losses, have curbed their activities in the market. Still, derivatives trading desks have been profit centers at major banks recently.

The biggest banks and brokerage firms, including JPMorgan Chase, Citigroup and Goldman Sachs, as well as major insurers, are all major players in derivatives.

Derivatives are hard to value. They are virtually hidden from investors, analysts and regulators, even though they are one of Wall Street’s biggest profit engines. They do not trade openly on public exchanges, and financial services firms disclose few details about them. The new rules are meant to change most, but not all, of that opacity.

(pokračování)
14. 05. 2009 | 15:59

JK napsal(a):

(pokračování)

Used properly, they can reduce or transfer risk, limit the damage from market uncertainty and make global trade easier. Airlines, food companies, insurers, exporters and many other companies use derivatives to protect themselves from sudden and unpredictable changes in financial markets like interest rate or currency movements. Used poorly, derivatives can backfire and spread risk rather than contain it.

The administration plan would not require that custom-made derivative instruments — those with unique characteristics negotiated between companies — be traded on exchanges or through clearinghouses, though standardized ones would. The plan would require the development of timely reports of trades, similar to the system for corporate bonds.

The letter suggested that the Commodity Futures Trading Commission would play a leading role in the oversight of the market, although it would also leave important elements to the Securities and Exchange Commission. Over the years, the turf battle between those agencies contributed to the neglect of that market by government overseers.

Some lawmakers in the House and Senate have already introduced measures to regulate derivatives. But a number of members have pressed the administration to put out its own plan.

Representative Barney Frank of Massachusetts, the chairman of the House Financial Services Committee that oversees the S.E.C., and Representative Collin C. Peterson of Minnesota, chairman of the House Agriculture Committee with oversight of the commodities trading commission, released a joint statement saying, “we agree there must be strong, comprehensive and consistent regulation” of derivatives. “We will work closely together to achieve that goal,” they added.

While derivatives regulation will be a focus of some market players, of equal concern to many in the financial industry are what the Obama administration and Congress might do to regulate compensation for executives across the board, not just at institutions that have accepted federal bailout money.

The Treasury is acting on two paths. First, it plans as soon as next week to announce revised compensation rules for companies getting assistance, to make those rules conform with a law Congress passed in February that was more stringent than the Treasury’s own guidelines.

Separately, Treasury officials have just begun discussing with the Federal Reserve and the S.E.C. what the government can do industrywide — through incentives, restrictions or a mix of the two — to guard against eye-popping compensation that rewards excessive risk-taking of the sort that contributed to the current crisis.

The fear among many in the industry — and some in the administration — is that whatever limits Mr. Obama proposes, Congress will seek to add even more, in response to public anger.

In addition to the regulatory changes it is seeking, the administration is also continuing to expand its bailout programs for various industries. Mr. Geithner announced on Wednesday that the administration would provide a new round of capital assistance to smaller community banks, and would increase the amount that they can borrow from the program.

Beyond derivatives, he also said that the administration would be presenting a comprehensive proposal to overhaul the regulation of the financial system. He said a central goal would be to eliminate the ability of companies to pick the least onerous regulator.

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Business as usual and no mention is made of the trillions of dollars in credit default swaps that already exist.

Large financial institutions will simply claim that default losses are covered by contracts where premiums are paid to cover losses.

The bets of Bank A will be covered by Bank B and so on until with regulation we are back to the house of cards where the failure of one bank will lead to the failure of another bank until all the banks fail. Of course this will not happen since the government will be forced to step in and prop up the failing banks.

So far there is no recognition that credit default swaps are bets where the government will be called to assume the costs as was done in the case of AIG.

The idea should be to get rid of credit default swaps and not legalize them by regulation.
— Bob Sallamack, New Jersey
Instead of regulating derivatives, the United States should ban them. Capitalism that funds the manufacture of goods or the provision of services keeps our economy going. But the kind of investing based on casino betting is a drain on, and a danger to, American prosperity. It is clear that our country can no longer afford to waist its resources on high-stakes financial poker. America needs to make things again, not just churn the money pot. We should focus our resources on providing the goods and services that improve our lives and ensure our future prosperity.
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Credit default swaps should be eliminated all together. They serve no functional purpose.
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Lets get to the heart of the matter. The central player in the economy is the FED. A privately owned money monopoly that oversees all aspects of the banking system. It is not transparent at all. Mostly operates in secret. HR 1206 and S 604 are designed to allow the GAO to audit the fed and bring its operations out into the sunlight. Its been over 50 years since this has occurred. Contact your representative and demand that they join the 150 co sponsors of this bill now.
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So, the Obama administration sat around for months, then AFTER giving the banks money, instead of proposing a bill asked for "quick action" while only providing a set of guidelines? It took five months to write a vague, 2 pg memo asking for action?

Here are some alternate proposals on regulating derivatives:

1) Any Obama administration (or any other gov't) official who has made millions trading derivatives should immediately recuse himself or herself from all discussions regarding giving taxpayer monies to institutions involved in derivatives trading. Officials involved in those decisions should similarly be bared from leaving the government and then working for derivatives traders for three years. It's a pretty simple, unethical, conflict of interest. Ban it. (That means you Neel Kashkari, Geithner, Summers et al)

2) No one should be able to purchase a CDS unless he/ it has a significant holding in the item being "insured", i.e. banks shouldn't be betting on a fire in the theatre while running the theatre.

3) Every institution trading derivatives should agree to claw-back provisions for all executive and sales compensation extending at least five years.

4) Treasury and administration officials should be prohibited from inviting executives of banks to discuss what to do about other banks they compete with (That means Geithner, Paulson, et al couldn't again bring in Goldman Sachs to decide which of their competitors to let fail and which to bail out.)

5) Managing directors and other executives that were top-tier "bundlers" for presidential campaigns should be barred from private meetings with White House officials (i.e. Goldman Sachs, J.P. Morgan and VC bundlers that gave over $500,000 apiece to Obama should not get a ticket to plan bank bailouts in return.)

6) There should be a congressional hearing, calling in to testify Senators and Representatives that sponsored bank de-regulation and promoted sub-prime loans to specifically ask, under oath, about their financial ties to those industries (That means Phil Gramm, B. Frank, C. Schumer, Maxine Waters and so many more.)

There, that didn't take five months.

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