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View Full Version : Tylerdurden is now working for the New York Times.



Milo Christensen
12-12-2010, 02:48 PM
but he's gone transgender and is writing under the name of Louise Story.

A Secretive Banking Elite Rules Trading in Derivatives



On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.
The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable and controversial fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.


Linky poo. (http://www.nytimes.com/2010/12/12/business/12advantage.html?src=busln)

S.V. Airlie
12-12-2010, 02:49 PM
bigger audience?

Chris Coose
12-12-2010, 02:56 PM
I have noticed his boat is no longer at Wiscassett

Ian McColgin
12-12-2010, 03:20 PM
Ha! Love it. The story really exposes why we need serious and open regulation in the financial markets.

S.V. Airlie
12-12-2010, 03:23 PM
And here I thought it was to gather around for a 3 martini lunch ( business account of course.) Had me fooled

BrianW
12-12-2010, 03:32 PM
I have noticed his boat is no longer at Wiscassett

I wonder how he's doing? Perhaps he's taken off with Norman?

Cuyahoga Chuck
12-12-2010, 03:49 PM
but he's gone transgender and is writing under the name of Louise Story.

A Secretive Banking Elite Rules Trading in Derivatives

Linky poo. (http://www.nytimes.com/2010/12/12/business/12advantage.html?src=busln)

As a piece of expository writing the above comes up a bit short. You for it, again' it, willing to do a tutorial about the glories of it? The secret world of derivatives, that is, not Tylerdurden's problems.

Milo Christensen
12-12-2010, 09:22 PM
Obviously, as soon as I read the headline I thought of Mark. How could I not? As goofy and unpleasant as Mark could be, Mark was right there about a lot that's wrong with global finance, he was particularly vocal about the dangers of a derivative market that few understand. A secret elite controlling derivative trading is something he was talking about before he left.

I'm not in favor of much business being done in secret. I'm certainly not in favor of a group of nine banks controlling a market. I thought there were laws against that kind of thing. I'm particularly opposed to secrecy when the secrecy eliminates the ability of businesses that have come to rely on derivatives to purchase derivatives competitively.

Cuyahoga Chuck
12-12-2010, 09:41 PM
Obviously, as soon as I read the headline I thought of Mark. How could I not? As goofy and unpleasant as Mark could be, Mark was right there about a lot that's wrong with global finance, he was particularly vocal about the dangers of a derivative market that few understand. A secret elite controlling derivative trading is something he was talking about before he left.

I'm not in favor of much business being done in secret. I'm certainly not in favor of a group of nine banks controlling a market. I thought there were laws against that kind of thing. I'm particularly opposed to secrecy when the secrecy eliminates the ability of businesses that have come to rely on derivatives to purchase derivatives competitively.

The New York Times hasn't delved into anything all that new. The dangers of the deriviative market caused Brooksley Born, head of the Commodities Futures Trading Commission to announce an investigation of them. That occured in about 1998. She was called before a Senate committee and steadfasty maintained she had the legal authority over that trade. Some senators met with her in private and tried to browbeat her into calling it off but she wouldn't budge. One senator, Phil Gramm (R. Texas), of blessed memory among Right-wingers, had a bill written and quickly got it passed that stripped Born and her commission of any oversight powers. The law is still in effect today.
That was an effort "to take America back" that really worked. Altho' I'm not sure which America they were catering to.

JBreeze
12-12-2010, 10:12 PM
RE: Brooksley Born

You don't want to forget the role Greenspan, Rubin and and Obama's recenty departed Director of the Whitehouse Economic Council, Larry Summers, played in opposing her.

http://en.wikipedia.org/wiki/Brooksley_Born

Gerarddm
12-13-2010, 08:53 AM
They want to cut the legs out from under Elizabeth Warren now, too - but times have changed.

Cuyahoga Chuck
12-13-2010, 10:42 AM
RE: Brooksley Born

You don't want to forget the role Greenspan, Rubin and and Obama's recenty departed Director of the Whitehouse Economic Council, Larry Summers, played in opposing her.

http://en.wikipedia.org/wiki/Brooksley_Born

Maybe so but that doesn't lessen the guilt of Phil Gramm, of blessed memory to you folks. Being a US senator and a member of the majority party meant he could ram that legislation thru' the Senate. Gramm was the hatchet man.
If you got any exculpitory evidence in his favor like he loved his mother and was kind to animals drag it out. This thread could use some laughs.
And thanks for the web address but I've already shown I have mastered the story. And from memory.

JBreeze
12-13-2010, 10:54 AM
Maybe so but that doesn't lessen the guilt of Phil Gramm, of blessed memory to you folks. Being a US senator and a member of the majority party meant he could ram that legislation thru' the Senate. Gramm was the hatchet man.
If you got any exculpitory evidence in his favor like he loved his mother and was kind to animals drag it out. This thread could use some laughs.
And thanks for the web address but I've already shown I have mastered the story. And from memory.

Maybe so, but you seem to ignore the role of both parties as well as the Fed in this disaster.

perldog007
12-13-2010, 10:55 AM
Norman is still here.

Without a scat reference and a direct or indirect derogatory attack on the poster of the supposition regarding the departure we really have no way of confirming :D