London is the most dangerous city in the world

This post has been read 1392 times!

https://youtu.be/2dkSR2r8oSs

June 15, 2012 By Steven Greer

Trading derivatives is the most profitable business for many large Wall Street banks. Despite the totality of derivates posing 700 Trillion or more in risk to the global financial system, derivatives remain largely unregulated. In fact, even transparent pricing in exchanges are lacking.

The lobbyists fight hard to keep it that way. Dodd-Frank remains largely on the shelf and not enacted. The Volcker rule is watered down and delayed, and so on.

The risky trades by JPMorgan’s “London Whale” that could lead to tens of billions in losses were made in London in order to skirt the regulatory scrutiny of the United States CFTC chaired by Gary Gensler. Likewise, the risky trades that caused the financial collapse of 2008, and the ongoing global depression, were mostly executed in London (e.g. AIG, etc). The Mayor of London, Boris Johnson, was in the U.S. promoting his book and the upcoming Olympics, and proudly flaunted the lack of regulations in his city that allow risky derivative trading.

In this clip, Gary Gensler explains to Charlie Rose how London is the epicenter of these weapons of mass destruction, otherwise known as derivatives and swaps.

 

This entry was posted in - Federal government, Op-Ed, Videos, Wall Street. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *