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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: derivatives market

derivatives market stories: 19 news summaries
OPINION

Obama, Dems Are Free Market Crusaders

Wall Street, health industry are the ones opposed to competition

Oct 21, 09 11:01 AM CDT
(Newser) - The champions of the free market are on the march, but it's not who you think. It’s the Democrats who want to put health insurance on open exchanges where consumers can easily compare them, with a public option to inject competition into an “oligopolistic market,” points out... More »

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derivatives market • health care reform • free markets • bank regulation • health insurance exchange • Harold Meyerson

(Newser) - Federal agencies are taking a close look at Goldman Sachs' pay practices and use of credit instruments as the firm's profits rebound to record-breaking levels, the Los Angeles Times reports. The company, which says it is complying with the dual investigations, has paid back its $10 billion TARP loan, but... More »

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executive compensation • Goldman Sachs • derivatives market • Troubled Asset Relief Program • financial crisis • TARP

Feds Probe Shady Market
for Derivatives

Banks may have unfair edge in information on
credit-default swaps

Jul 14, 09 9:33 AM CDT
(Newser) - The Justice Department is probing the market for credit-default swaps, the largely unregulated derivatives that contributed to the financial crisis, Bloomberg reports. Justice is investigating whether big banks have unfair access to price information through their ownership of a private company that provides data to investors. The Obama administration wants... More »

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Department of Justice • derivatives market • Lehman Brothers • credit market • regulation • bank regulation • banks • financial crisis • credit default swap

INTERVIEW

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures
aim for 'minimum' to avoid meltdown

Jun 17, 09 6:07 AM CDT
(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives... More »

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Barack Obama • Federal Reserve • derivatives market • Treasury Department • regulation • FDIC • financial institutions • bank regulation • banking industry • financial crisis

Banks Privately Chafe Against Derivatives Reform

Embrace change in public but quietly fight it

May 29, 09 7:22 AM CDT
(Newser) - The Obama administration is pushing to reform the market for financial derivatives by requiring new reporting to make trades more transparent. In public, Wall Street is saying it's in favor of the changes, but as the Wall Street Journal reports, the banks are pushing hard against reforms behind the scenes.... More »

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derivatives market • transparency • bank regulation • Obama administration • financial crisis • credit default swap

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight... More »

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investing • Wall Street • Warren Buffett • derivatives market • AIG • regulation • Commodity Futures Trading Commission • Obama administration • financial crisis • credit default swap • President Obama • Timothy Geithner • Securities and Exchange Commission

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

Mar 26, 09 7:08 AM CDT
(Newser) - Two of the top managers at AIG's Paris unit have resigned, reports the Wall Street Journal, leaving the insurer scrambling to avoid potential defaults on $234 billion in derivative transactions. The complicated scenario results from a French law that says regulators must approve of the managers' replacements or else pick... More »

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France • derivatives market • AIG • default • American International Group • financial crisis • regulator

(Newser) - Tim Geithner today proposed a major expansion of federal regulatory powers, reports the Washington Post. In testimony before Congress, the Treasury chief called for hedge funds, derivatives markets, private equity firms, and major insurers like AIG to be brought under strict federal supervision for the first time. His plan, which... More »

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private equity • derivatives market • hedge fund • Treasury Department • financial institutions • bank regulation • Obama administration • financial crisis • Timothy Geithner

(Newser) - The White House will roll out a plan next week to oversee executive pay and more deeply regulate Wall Street, the New York Times reports. Officials are still debating the details, but under the proposal, the Fed will supervise compensation at financial firms, banks, and other companies—even ones that... More »

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Barack Obama • Wall Street • executive privilege • derivatives market • hedge fund • executive bonuses

 Obama 
 Goes After 
 AIG Bonuses 

President instructs Geithner to use "every legal avenue" to reclaim funds

Mar 16, 09 12:16 PM CDT
(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about... More »

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Barack Obama • derivatives market • AIG • bonuses • compensation • bailout • financial crisis • Timothy Geithner

 AIG's Downfall, Part 2:
 'Almost Free Money'

Credit default swaps change the game

Dec 30, 08 2:20 PM CST
(Newser) - According to the computer models, credit default swaps almost couldn’t fail. They were the latest derivative contract in 1998, and AIG Financial Products decided to get on board, the Washington Post reports, in the second part of its series on the insurer’s self-destruction. When AIG struck its... More »

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derivatives market • AIG • Hank Greenberg • financial crisis • credit default swap

 How AIG Destroyed Itself 
 (Part I) 

Part 1

Dec 29, 08 4:39 PM CST
(Newser) - The roots of the current financial crisis can be traced back to a series of lunches and late-night dinners between two relatively unknown junk-bond traders 20 years ago. Howard Sosin and Randy Rackson had a plan to change the way the financial world did business, provided they could find a... More »

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derivatives market • AIG • Hank Greenberg • financial crisis • Howard Sosin • Randy Rackson

ANALYSIS

Battle Over Regulation Looms in '09

Some worry Obama won't do enough to rein in derivatives market

Dec 25, 08 9:24 AM CST
(Newser) - After the economic meltdown of 2008, the coming year will see a battle over one of the most politically contentious issues in finance: the regulation of derivatives markets. Some who opposed government oversight before now acknowledge the need for tighter controls. But they face an uphill battle, reports Newsweek, against... More »

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Alan Greenspan • SEC • oversight • derivatives market • regulation • SEC commissioners • Robert Rubin • auction-rate securities • Obama administration • financial crisis

OPINION

'The Oracle' Forgot One Thing: We're Greedy

Founding fathers quickly figured out people couldn't be trusted to be selfless

Oct 18, 08 11:50 AM CDT
(Newser) - If those who ignore history repeat it, Alan Greenspan must have slept through a few Constitutional history classes. In promoting the risky derivatives market, the former Federal Reserve chairman was depending on individuals' restraint and care for the greater good. But Americans just aren't that altruistic, as the Founding Fathers... More »

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Alan Greenspan • derivatives market • regulation • US Constitution • George Washington • greed • Thomas Jefferson • financial crisis • John Adams

ANALYSIS

TV News Struggles to Explain Crisis Even as Ratings Surge

Networks see viewer interest in formerly esoteric financial instruments

Sep 29, 08 4:55 PM CDT
(Newser) - TV news programs are grappling with explaining the financial crisis to an audience suddenly much more interested in business news, the New York Times reports. With CNBC seeing its highest ratings ever and CNN, Fox and MSNBC seeing bumps in recent weeks, news shows have put teams of business pundits... More »

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stock market • business • CNBC • derivatives market • Fox Business Network • credit crisis • financial crisis

'Monster' Markets Brought World to Edge: German Prez

Köhler, former head of IMF, rips lust for profit, calls for tightened regulaion

May 15, 08 8:15 PM CDT
(Newser) - Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the... More »

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Germany • financial markets • derivatives market • credit crisis • investment banks • credit market chaos • Horst Kohler • financial crisis

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as
credit woes continue

May 9, 08 2:41 AM CDT
(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage... More »

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insurance • derivatives market • AIG • credit crisis • writedowns • quarterly results • losses • Martin Sullivan • JPMorgan Chase • financial crisis

SocGen: Lax Controls Led
to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

Feb 21, 08 7:50 AM CST
(Newser) - Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal.... More »

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France • derivatives market • bank fraud • Jérôme Kerviel • Société Générale • rogue trader • risky trading

Mercantile Merger Creates Super Market

Chicago exchanges combine in $12B deal

Jul 10, 07 5:03 AM CDT
(Newser) - Chicago's Board of Trade and the Mercantile Exchange—bitter rivals for decades—will merge to form the world's largest derivatives market in a deal worth close to $12 billion, the Chicago Tribune reports. The merger ends months of jockeying and speculation as another suitor, Atlanta-based Intercontinental Exchange, failed to mount... More »

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Chicago Board of Trade • Chicago Mercantile Exchange • futures market • derivatives market

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