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Re: Goldman is getting KILLED !!!!!
They also just got hit with a $7 Million dollar fine (small potatoes, I know) by the CFTC for an employee pulling something along the lines of a mini FM Global.Originally posted by Mega View Post
As an aside, the CFTC has been up to some interesting things regarding swaps lately. At least it's freaking out some of the right people. It would force something like actually keeping track of customers money and having legal separation between it and the swap dealer's money when you throw it into the derivative black whole. Imagine if such a thing had been in place on the SEC side of the equation during the housing bubble run up. It couldn't have become quite as big, and we wouldn't be in this national mortgage settlement mess like we are. We'll see when and if they gear up to plunge into futures. By this time next year, we may have purged a little bit of the rot out of the system. If they get the position limits correct, and one has to have at least a notional capacity to take delivery of commodities again, it should also serve to calm some of the volatility in the oil market that garners so much media attention these days.
These provisions won't be perfect, but they stem from part of the Dodd-Frank act, and it will be better than the wild west we had before hand. The Dodd-Frank act had some useful pieces in it that won't be in effect until next year. This is why just arguing to repeal it whole-cloth is crazy to me.Last edited by dcarrigg; March 14, 2012, 10:31 AM.
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