The Counterparty Risk Management Policy Group et la gestion du pb des dérivés
de qui se moque t'on?
et pour les incrédules sur l'existence de cette institution tres spéciale dont le sobriquet est PPT ( plunge protection team ) voir Executive Order 12631--Working Group on Financial Markets http://www.archives.gov/federal-register/codification/executive-order/12631.html
Love this one:
Derivatives Market Must Improve Controls, Banks Say
2005-07-27 10:00 (New York)
By Andrew Reierson
July 27 (Bloomberg) -- A group led by executives from Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. called for an ``urgent'' effort to clear ``serious'' administration problems in the credit-derivatives market.
The Counterparty Risk Management Policy Group, a panel of senior officials from financial institutions that first met in 1999 after the collapse of hedge fund Long Term Capital Management, made the comments in a report today. The group, led
by E. Gerald Corrigan, a managing director at Goldman Sachs and a former New York Federal Reserve governor, is examining how banks and companies can improve market stability.
The global credit-derivatives market more than doubled last year to $8.42 trillion, according to the International Swaps and Derivatives Association. The U.K.'s Financial Services Authority said in February that some credit-derivatives trades go unconfirmed for months and warned users to improve their handling of transactions. Participants must have systems and controls in place to keep up with the growth in their business, the FSA said in a letter to companies. A derivative is a financial obligation whose value is derived from interest rates, the outcome of specific events, or the price of underlying assets such as debt, equities and commodities.
Credit-default swaps, which let investors bet on a company's creditworthiness or protect against default, are the most common credit derivative.
Yep, for those who still don’t get it re the fact there is a Gold Cartel, just look at the key players mentioned above: Goldman Sachs, JP Morgan Chase (used to be Morgan and Chase) and Gerald Corrigan, formerly of the NY Fed. Risk Management? That is another way of saying they manipulate the price of gold in order to protect other US financial markets. They call it "improving market stability." I call it a violation of US free market principles, a violation of US anti-trust laws, and a fleecing of the investing public for the benefit of a bunch of white-collar Mafia-like crooks.
GATA came into existence because of the Counterparty Risk Management Group, which is an extension of The Gold Cartel. I wrote the following last weekend for one of my presentations at Gold Rush 21. No sense doing the same work twice:
…so I am going to wind up here by briefly explaining how GATA came into existence.
Even before I opened my gold market website in September of 1999, my colleague Frank Veneroso and I had heard Long Term Capital Management was short 300+ tonnes of gold. When that super hedge fund blew up in September, I began licking my chops, looking for the price of gold to soar as they were forced to cover
The price of gold was in the $290’s then. And yes it began to take off. However, each time it poked its head above $300, Chase Bank and Goldman Sachs would simultaneously stop the advance cold with their selling. This happened for a few weeks. Long story short, I realized immediately they were capping the price. As a veteran trader, who once had limit positions, it was easy to spot. Other bits of information came my way about a price-capping effort which led me to write a piece titled "Scandale Gold."
In January of 1999 Chris Powell got tired of me writing about it, saying let’s do something about it. Chris had extensive anti-trust dealings as a result of his work for his paper, the Journal Inquirer. Both of us put up 500 bucks and GATA was formed….