Wall Street casino The derivatives crisis
My friend Mike Harris said it all.
The derivatives market is the Las Vegas of the world’s financial super elite, worth anywhere between 2 to 8 quadrillion dollars compared to about 70 trillion dollars of world GDP.
We look at the so-called financial innovations of Wall Street from Collateralized Debt Obligations to Mortgage Backed Securities.
We also look at US government’s complicity; White House and Congress both vested interests not only as recipients of Wall Street largess in the form of campaign donations but as major players with criminal asymmetrical information and influence advantages.
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