Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (60832)	3/9/2009 11:21:52 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 224704

I didn't make any claim about credit default swaps. What I said in response to Bill was: "Gramm-Bliley-Leach Act made it possible for the banks to issue junk subprime loans and then roll those loans into collateralized debt obligations (CDOs) which were purchased by pension funds. Those CDOs were one form of derivatives." This was made possible by the consolidation provisions of GLB which eliminated the distinction between commercial banks, investment banks and insurance companies.