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Politics : Ask Michael Burke
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To: marcher who wrote (117986)3/15/2009 6:34:17 PM
From: Freedom Fighter  Read Replies (1) of 132070
 
IMO the real derivative story has not been told. For every derivative contract that is deeply under water (IMO the actual credit risk is WAY less that the numbers being tossed around), there is someone on the other end of that trade that is making money.

So if our financial companies are really in the hole a few trillion (or even hundreds of billions) on derivatives, who the hell is making all that money?

If you ask me, this derivatives bust is the greatest scam of all time. I refuse to believe this was an accident or the result of irresponsible behavior. This was a well thought out effort to rape and pillage the U.S. and other parts of the world.

Wall St invented something that added little or no value but marketed it as a tool to manage risk etc... The investment banks etc... then sold as much of this garbage as it could (netting huge commissions) even though it has been long known that the systematic risk was massive.

IMO, as the bubble started getting closer to bursting, "friends" of Wall St were told to get on the short side of that trade. When it blew up, Wall St. handed the bill to the federal government and told the idiots in Washington that if they didn't pick up the tab, the entire world would come tumbling down. So Washington picked up the tab and whoever was on the correct side of the trade effectively raped and pillaged the US and is in an incredibly powerful position. Plus, while it was going on those on Wall St. got their bonuses etc.. and also got rich and more powerful.

I want to know who made the trillions that our financial institutions lost. That group and their friends on Wall St. are among the greatest evil of all time.
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