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Fox Hunting: The Secret Elite of Wall Street Exposed

December 12, 2010

I have written numerous posts on the issue of oligarchy in America. I have referenced Simon Johnson’s, The Quiet Coup, many times and mentioned the documentary, Inside Job. Today the New York Times reveals more information on the secret elite of Wall Street.

The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.

Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk.

In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks.

More evidence of the fox in the hen house should set every American on fire and screaming for more financial regulation and the dismantling of these large financial entities for what we find is pieces of the puzzle reveal undue influence of these financiers reaches far into our government and into public policy. We have good reason to root out these foxes as their integrity has been impuned through their very risky and fraudulent trading of Credit Defaults Swaps, CDOs, and Mortgage Backed Securities that brought the world economy to the brink of ruin and wiped out $20 trillion dollars of personal wealth for Americans. JP Morgan Chase was just sued for $6.4 billion as part of the Madoff scheme. Former Treasury Secretary, Henry Paulson, who pushed for the $700 billion bailout was also the former Chief Executive of Goldman-Sachs. The current Treasury Secretary, Timothy Geitner, was the former President of the Federal Reserve Bank of New York whose task it was to oversee and regulate banking activities.

The Times article states:
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.

The marketplace as it functions now “adds up to higher costs to all Americans,” said Gary Gensler, the chairman of the Commodity Futures Trading Commission, which regulates most derivatives. More oversight of the banks in this market is needed, he said.

Do yourself a favor and go see Inside Job; read Simon Johnson’s, The Quiet Coup, and then hammer your representatives to press for more regulation of OUR financial markets to protect American assets and investments…. AND to break these banks up. Our future financial well-being depends on it. Only elected officials can help us now, for our President chose people like Geitner and Larry Summers to advise him and with the recent ‘tax deal’ we now see Obama is not the peoples champion.

Read the NY Times article, click here

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