How Washington Abetted the Bank Job

Abstract

How the myriad bank regulatory agencies, including the Fed, SEC, FDIC, OCC, helped unleash the banks to create more and more destructive derivatives by bending to the pressure of banks, their law firms and lobbyists by passing a joint resolution at end of 2006 (a watered down version of reform that was to be enacted after Enron collapse due to massive hiding of debt through, inter alia, credit default swaps, cds) and how we tried, unsuccessfully, to warn those agencies not to do this.

Keywords: credit default swaps, derivatives, financial crisis, bank regulation, regulatory failure, regulatory capture