Taxpayers Will Foot the Bill for the Next Derivatives Debacle.

In this report, from London on Sunday, July 21st, 2019 I look into financial derivatives and what they are all about.

I look at the risks involved in derivatives, the different kinds of derivatives, the size of the derivatives markets and who are the biggest players in the market.

Derivatives and in particular the OTC or Over the Counter type were responsible for the 2008 crisis and they are what brought Wall Street and the City of London to their knees and required governments to bailout the big Wall Street and City of London banks and brokerage houses.

One would have thought that after the crisis this sector of the financial system would have been reformed, the banks would have been punished and that maybe the banks would even have been prohibited from dealing in derivatives as they used to be prior to 1999 and the repeal of the Glass-Steagall Act.

Unfortunately, that could not be further from the truth as the Too Big to Fail Wall Street banks are still risking hundreds of trillions of dollars in derivatives bets and to top it all off the U.S. Congress has even backstopped this reckless and risky activity in the form of FDIC insurance!

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"Congress to Reinstate Taxpayer Subsidies for Reckless Derivatives Trading" https://www.prwatch.org/news/2014/12/12690/congress-pushes-citi-measure-back-reckless-derivatives-trades-taxpayer-dollars

"Citigroup Wrote the Wall Street Giveaway The House Just Approved" https://www.motherjones.com/politics/2014/12/spending-bill-992-derivatives-citigroup-lobbyists/