THIS is terribly wrong for America and the rest of the world:
JPMorgan Joins Goldman Keeping Italy Derivatives Risk in Dark
By Christine Harper and Michael J. Moore - Nov 15, 2011 5:01 PM MT
BLOOMBERG NEWS
JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), among the world’s biggest traders of credit derivatives, disclosed to shareholders that they have sold protection on more than $5 trillion of debt globally.
As concerns mount that those countries may not be creditworthy, investors are being kept in the dark about how much risk U.S. banks face from a default. Firms including Goldman Sachs and JPMorgan don’t provide a full picture of potential losses and gains in such a scenario, giving only net numbers or excluding some derivatives altogether.
Bank of America, Citigroup Inc. (C) and Morgan Stanley also don’t list gross amounts of CDS on GIIPS debt in their filings.
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2 comments:
http://www.theamericanconservative.com/dreher/2011/11/17/if-bloomberg-had-evicted-the-bankers/
Great conservative anti-bankster
post and comments, admtting no GOP frontrunner will take them on.
Ken,
Thanx for the link!
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