Wall Street Setting Up Financial ArmageddonSubmitted by Brian Frank on Tue, 02/19/2013 - 22:00
From the Young Turks:
"A crucial change in the way financial derivatives are packaged and sold on Wall Street is enabling traders to bypass new regulations aimed at limiting reckless speculation, enhancing the prospect of another derivatives crisis, warn some market participants."*
The Dodd-Frank financial reform law came into effect in 2007 in response to the financial crisis- it required safeguards for investors to cover losses on their derivatives trades. But what if investors found another, risky, way around that? That's what's happening now. Is it time to start the financial armageddon clock? Cenk Uygur breaks it down.