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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (189236)	3/8/2009 7:48:00 AM
From: dealmakr	Read Replies (1) \| Respond to of 306849

"Comments Are ‘Misguided’ Scholes’ comments generated opposition from the International Swaps and Derivatives Association, the industry group that sets trading standards for the over-the-counter derivatives market. ISDA has more than 800 members, including dealers and funds that trade in the market. “Whatever your views on derivatives or credit-default swaps and the financial crisis, the notion that you would, as he said, blow up, the business in that way is just misguided,” said Robert Pickel, chief executive officer of ISDA. “I don’t know what people are thinking when they say those kinds of things.” You have to wonder what Mr. Pickel thinks constitutes a blow up, somehow when trillions of dollars of contracts are written over and above the total wealth of all of the world's economies risk management has gotten out of line as there is No risk management. Now Mr. Pickel, you don't know what people are thinking when they say these kinds of things. Let me enlighten you very clearly. In the present unfolding calamity of the financial system worldwide, OTC unregulated derivative products have played a great part in the destruction of many companies, ever hear of AIG for example? Was that a blow up or just a Misguided bump in the road? People are Thinking that because of a very poor lack of oversight and the failed experiment in ridiculous deregulation by our esteemed lawmakers, AKA Clowngress, that the group that you represent has brought an unimaginable amount of risk into the world wide financial system without the ability to offset that risk except by going to the the worlds governments for a bailout and destroying Our Future. In otherwords, from my best description using my native New Jersey linguistics. Your derivatives crew really Fukced Up, you freakin strunz you. Clear Enough. dealmakr