It’s a sad commentary on the state of American political economic discourse today that, even when the New York Times exposes a blatant conspiracy on the part of the small number of very rich TBTF banks that control perhaps the most fixed market in US financial history — DERIVATIVES — practically no one pays any attention.
Of course, that COULD have something to do with the fact it ran on a Saturday in mid-December — during the height of the not-so-busy “holiday buying season” — but that’s an old “hide in plain sight” media trick to simultaneously “cover” something, while making sure no one actually sees it ;-) .
But, apparently, it didn’t quite slip past the antitrust investigators at the European Union, who announced on Friday they would open a sweeping inquiry into this cozy little club so exclusive that even major financial players outside the charmed circle openly complain about their exclusion.
The roughly $600 TRILLION — that’s right — market, which was barely touched by the so-called / self-styled / alleged Dodd-Frank “reform” bill, remains one of the most UN-transparent sectors of global financial activity, despite its evident role in the Black September 2008 meltdown / the AIG collapse / the Greek sovereign debt debacle that has thrown the EU into turmoil for a year now AND, its obviously huge size.
Who knows whether anything will come of the European attempt to do something about what St Warren of Buffett so aptly called “financial weapons of mass destruction”.
So far, the US has done less than nothing, leading some people to wonder what EXACTLY is the “change” Obama has made from Cheney / Bush — at least in this rather CRUCIAL area of high-stakes money “gaming.”
But that’s an old story by now — right ;-) ???