In the bad old days before the Dodd-Frank Wall Street Reform and Consumer Protection Act, major Wall Street players oversaw a massively opaque market in derivatives contracts where Wall Street middlemen made undisclosed profits by acting as intermediaries between buyers and sellers. Here’s the story as told by The New York Times:
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There was a peculiar buzzing sound coming from somewhere inside the Credit Suisse meeting, a mildly annoying vibrating bleep. Paul Calello, the bank’s commodities and derivatives chief, checked his briefcase. The buzzes got louder.
His daughter had decided to send her Tamagotchi toy pet to work with him, and it was hungry. Mr. Calello stopped Read More
Bank of America Merrill Lynch today announced that it’s getting into the business of clearing derivatives, which it expects will be quite lucrative. The new business segment will be called Global Futures and Derivatives Clearing Services (GFDCS), which will be part of the Global Markets Financing and Futures platform (GMF&F).
The company said Read More
On a recent drizzly Sunday afternoon, a 29-year-old New York banker was sitting in a West Village cafe, eating biscotti with a mocha cappuccino and a glass of grapefruit juice. “I want to retire early and maybe do something else,” he sighed.
“My premium years were spent working very, very hard because of the Read More