G20 - Sarkozy - Calls for New Rules

Apart from Goron trying to give the impression it's all his idea, Sarkozy who had threatened to walk out, hailed the arrival of new rules.

With you all the way Le Nick, and start with those Financial instruments and markets that are nothing more than Roulette Wheels.

Finding clever new ways to disguise and sell bad debt snowballs should be rewarded with a Prison term for the originators.

Bright young mathematical things from the major universities, thinking up clever new wheezes to confuse the customer and the Bank's auditing staff , and excluding said auditing staff from their calculations and machinations should be first up against the wall.
If you're looking for candidates for criminal prosecution you might wish to consider Congress and former Federal Reserve Chairman Alan Greenspan.

They made the credit derivatives market possible:

Neither the Clinton administration nor the Bush administration was interested in regulating credit derivatives. As Salon reported more than six years ago, one Clinton appointee at the Commodity Futures Trading Commission (CFTC), Brooksley Born, did attempt to bring derivatives trading under the CFTC's regulatory ambit, but she was shot down by a powerhouse of government officials, including Fed Chair Alan Greenspan, SEC head Arthur Levitt, Treasury Secretary Robert Rubin and Senate Banking Committee chairman Phil Gramm.

A bipartisan effort, no doubt about it. But nobody made it more of a sacred mission to ensure that credit derivatives were kept unregulated than Senator Gramm, long recognized as the key force in the passage of the Commodities Future Modernization Act of 2000, which specifically exempted new derivative markets from government oversight.

"How Is McCain Connected To The Almost-Bankrupt AIG?' 16 September 2008 http://www.salon.com/tech/htww/2008/09/16/mccain_and_aig/

The availability of cheap credit default swaps, a spurious "insurance policy" against debt default written by firms that couldn't honor their obligations, made the marketing of all manner of dubious debt securities possible.
I love the way everyone involved in the financial services industry and with an axe to grind are just rushing to blame the governments and regulators for the whole mess. "You didn't stop us!", they wail. "We're the victims, too!".

I can just see the picture now. Some poor, innocent banker sobbing as he stuffs yet more cash into his own pockets, while a cackling Gordon Brown holds a gun to his first-born child's head and forces him to take fucking stupid risks with other people's money for short term personal gain. "No, Gordon", the banker cries, tears streaming down his face. "Don't make me do it, it's immoral and reckless!"

The one consolation is that the bankers have enough cash to afford to buy a full length mirror for that talking to they so desperately need to give themselves.
Once upon a time the Animals gathered to change the Law of the Jungle. The Frog croaked so loudly that nobody heard the Monkey. As for the Bear then hardly anybody mentioned him. The Tiger pretended that he agrees and thought - later I will eat as many goats as I can.


War Hero
If the others vote Sarkozy's way he promises to let them sniff his fingers, and watch the footage on his mobile.
Well they would have use believe that They sorted all out in 4 Hours ? on Thursday.
No all was sorted out and agreed by the minions days/weeks before and the Dockland show was that, just an expensive show for the bunch of Political Clowns who run the world.
Pity my fav Politico was missing.
Vald the Impaler.

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