Derivatives: Darth Vader's Revenge Message Board

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Non-Tech : Derivatives: Darth Vader's Revenge

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From: axial	4/5/2010 3:34:15 AM
	of 2794

JPMorgan, Citigroup Resist Nuns’ Proposal on Swaps Disclosure Goldman Sachs Group Inc. and JPMorgan Chase & Co. aren’t doing “God’s work” when it comes to derivatives, according to investor groups of nuns and priests. Shareholders will vote starting this month on proposals sponsored by the Sisters of Charity of Saint Elizabeth and 14 other religious organizations, asking Goldman Sachs, JPMorgan, Citigroup Inc. and Bank of America Corp. to give more information on the collateral used in their derivatives trading... ... The religious organizations want the four broker-dealers to disclose internal policies on how the collateral posted by derivatives customers is used. They’re also asking the lenders to segregate the collateral from other accounts, which would prohibit it from being used for anything else. “We were very much concerned about where’s the collateral, is this all recorded, do we know who the second or third party is to this, the counterparties and so on,” said Sister Barbara Aires, coordinator of corporate responsibility at the Sisters of Charity of Saint Elizabeth, in Convent Station, New Jersey. The banks have urged shareholders in their proxy statements to reject the proposal. JPMorgan said that segregating assets could expose it to price volatility and potential losses “when the firm needs to liquidate collateral quickly upon a default.” bloomberg.com Jim

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