Week 1, December 2009
Today, I want to refer you guys to a post I wrote almost two weeks ago regarding the “Over the Counter Derivatives” market, and the “black market” in which it still exists. Yesterday, Gary Gensler, the Chairman of the Commodity Futures Trading Commission testified before the House Committee on Energy and Commerce and he again reiterated how much financial danger the black market of derivatives still poses due to its lack of transparency— hence the label “black market.” This market accounts for HUNDREDS OF TRILLIONS OF DOLLARS, and it is the primary repository of the infamous “toxic assets” our investment banks have been wrestling with for the past couple of years. This story far eclipses most others reported by the news media and it deserves the sincere attention of a discerning public. Consider this quote from the Chairman and please read the article in the link below:
To accomplish these principal goals of promoting transparency and lowering risk, we must bring comprehensive reform to the entire OTC derivatives marketplace. Statutory exemptions can undermine that goal and, as we have seen, could leave the public exposed to unintended consequences.
Closing
One year ago, the financial system failed the American public. The financial regulatory system failed the American public. We must now do all we can to ensure that it does not happen again. While a year has passed and the system appears to have stabilized, we cannot relent in our mission to vigorously address weaknesses and gaps in our regulatory structure. We have a profound responsibility to address the causes of the last crisis and work to prevent the next one.
See here for Chairman Gensler’s testimony.
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Weekend Wanderer’s Events
…finding the treasures in your town and beyond.
Two for This Weekend:
Deck the Hall: Children’s Holiday Concert: This Sunday the shows will be at 11:00 a.m. and at 3 p.m. “Treat your children to holiday melodies from around the world at the annual Deck the Hall: Children’s Holiday Concert and Party. Hear festive holiday tunes from around the globe, and sing along to carols with the Orchestra.” Great way to kick off the holidays!
Art Deco and Modernism Sale in San Francisco: “Over one hundred fifty dealers from across the country selling furniture, accessories, art, pottery, glass, books, jewelry, vintage clothing and collectibles from 1900 to 1980, including Arts & Crafts Mission, Monterey, Art Nouveau, Art Deco, Streamline Modern, Vintage Western, Mid-Century Modern and exceptional design to 1980.”
Help Your Fellow Living Beings:
One Warm Coat: Here is what it’s about: “One Warm Coat started out in 1992 as a Thanksgiving Weekend coat drive in San Francisco. Since then, more than 1 Million coats have been donated in thousands of local communities across North America. Each coat drive has the same intent — to collect coats that will be GIVEN to those in need.” Nothing like a good warm coat. .
Two Weekends from Now:
KPFA Crafts and Music Fair in San Francisco: “The 39th Annual KPFA Crafts & Music Fair, the largest weekend holiday craft fair of its kind in Northern California, to be held December 12 & 13, 2009 at the Concourse Exhibition Center in San Francisco. Every year, more than 10,000 collectors, craft enthusiasts and holiday shoppers attend this signature event that features 220 craftsmakers and artists from throughout the country, a gourmet food pavilion and live performances by some of the area’s leading world musicians – all in a warm and spirited ambiance that reflects the Bay Area’s great diversity.”
Pic of the Week… from my phone camera:
San Gregorio Beach on a Sunday in November