All Commentary
Monday, May 10, 2010

Banks Fight Exclusion from Derivatives Business

“The nation’s five largest banks, which dominate the derivatives business, have dispatched trade groups, paid lobbyists and their own executives to convince senators that excluding banks from the derivatives business would make markets less safe by shifting the trading to foreign banks and other institutions that are subject to less federal oversight.” (New York Times, Monday)

The legislators only pretend to know what they’re doing.

FEE Timely Classic
“Unintended Consequences” by Steven Horwitz