"The development of credit derivatives," Greenspan said in a May 2005 speech, "has contributed to the stability of the banking system by allowing banks, especially the largest, systemically important banks, to measure and manage their credit risks more effectively."
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Greenspan on credit derivatives
Posted on 02 April 2009 by Michael Stumo.
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The statement by the Fed as stated, ” Relying on Bank assurances that the quality of their loans and investments remained STRONG the Fed concluded that there were, ” No substanial issues of supervisory concerns” is just more smoke and mirrors. Yes, they did not lie, they just did not tell the truth. Is this just one more example of the moral breakdown in the financial business?
It seems counter-intuitive to me that an industry (ie: the financial industry) based on greed can self-regulate. When is Washington going to wake-up? Why not look to our neighbors to the north who have the most stable financial and banking environment in the industrialized world? They have historically been criticized for their “old fashioned” regulations of their banking and financial institutions. Who’s laughing now?…