weapons of mass destruction

Renegade Thoughts On Obama’s Banking Reforms

Local business President Barrack Obama has just announced sweeping banking reforms in the US. Firstly, he wants banks to stop betting on the markets with their own funds. This is what’s known as ‘proprietary’ or ‘prop’ trading. Secondly, he wants to prevent banks from growing ‘too big to fail’ by limiting the pace of consolidation in the [...]

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Weapons Of Mass Destruction

I am reading an interesting book called ‘F.I.A.S.C.O.’ by Frank Partnoy.  (Ironically, I bought the book in Borders closing down sale for around 20% of the normal price.) It recounts Franks experiences of working for Morgan Stanley as a derivatives trader on Wall Street. Simply put, a derivative is a either a right to buy [...]

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