You are here
Pam and Russ Martens: Big banks dangerously using foreign subsidiaries to evade U.S. derivatives rules
By Pam and Russ Martens
Wall Street on Parade
Wednesday, August 12, 2020
On May 30, with little mainstream media attention, four European academics published a report on how some of the largest Wall Street banks (all of which received massive amounts of secret Federal Reserve bailout money during the 2007-2010 financial crash) were shamelessly gaming the system again.
Rather than complying with the derivatives regulations imposed under the Dodd-Frank financial reform legislation of 2010, the Wall Street mega-banks had simply moved much of their interest-rate derivatives trading to their foreign subsidiaries that fall outside of U.S. regulatory reach.
... Dispatch continues below ...
USAGold: Coins and bullion since 1973
USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
This is known as regulatory arbitrage: seeking the most lightly regulated jurisdiction to ply your dangerous trading activity. (Think JPMorgan's London Whale fiasco.)
The European academics are Pauline Gandré, Mike Mariathasan, Ouarda Merrouche, and Steven Ongena. The paper is titled: "Regulatory Arbitrage and the G20's Global Derivatives Market Reform."
The researchers discovered that "U.S. banks reduced their [derivative] holdings at home while increasing them in Australia, Japan, the UK, Brazil, China, Hong Kong, and Mexico.”
The poster child for becoming a financial basket case in 2008, Citigroup, was called out particularly in the report. ...
... For the remainder of the report:
https://wallstreetonparade.com/2020/08/wall-street-banks-are-dangerously...
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
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:
To contribute to GATA, please visit:
