Just when you thought we were past allowing the financial sector to develop risky, economy destroying derivatives the American financial industry is back at it once again:
- “Amid that uncertain state, Wall Street is chugging along as if the last few years were merely a blip. At Citigroup Inc., the financial innovators are readying a new, complex derivative that would act as kind of financial crisis insurance. Citigroup believes the derivative, dubbed CLX, won’t put Citi or taxpayers at risk, but they concede the contracts aren’t foolproof, a story we’ve heard before.”
More from this article: Worse than the US budget: the shadow financial industrial governmental complex.