U.S. banks said to hold $10 trillion of 'risky' trades

Section:

By Barney Jopson and Ben McLannahan
Financial Times, London
Tuesday, November 10, 2015

The repeal of part of the Dodd-Frank financial reforms has left big U.S. banks holding $10 trillion of "risky" derivatives trades on their books, according to an investigation by Democrats.

Sen. Elizabeth Warren, a liberal Wall Street foe, said the repeal -- which sparked a firestorm when it was slipped into a budget bill in December 2014 -- had left federally insured banks exposed to dangerous swaps trades.

The rollback of the relevant rule, which followed almost no congressional debate, sparked stinging criticism of Wall Street and cemented perceptions of the pernicious influence of bank lobbyists on Capitol Hill.

The rule would have required banks to "push out" swaps trades to entities that are not insured with taxpayer funds. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/b8076642-87d3-11e5-9f8c-a8d619fa707c.html



ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries.

Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world.

Visit us at www.europesilverbullion.com.



Join GATA here:

The Silver Summit and Resource Expo 2015
Park Central Hotel, San Francisco, California
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16