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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (117160)12/8/2008 2:23:14 AM
From: Skeeter Bug1 Recommendation  Read Replies (1) of 132070
 
"About a decade later, a team working within JP Morgan Chase invented credit default swaps, which are contractual bets between two parties about whether a third party will default on its debt. In 2000 these were made legal, and at the same time were prevented from being regulated, by the Commodity Futures Modernization Act, which specifies that products offered by banking institutions could not be regulated as futures contracts.

This bill, by the way, was 11,000 pages long, was never debated by Congress and was signed into law by President Clinton a week after it was passed. It lies at the root of America’s failure to regulate the debt derivatives that are now threatening the global economy."

businessspectator.com.au

the foundation for our current cds mess was laid by one william jefferson clinton. if you want to argue graham actually laid the foundation (he did), then you still have to conclude that clinton put the sealant on the foundation laid by graham.

dirty deeds done dirt cheap.
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