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View Full Version : A Secretive Banking Elite Rules Trading in Derivatives



irishspirit
12th December 2010, 17:38
On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.

The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable and controversial fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.

Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk.

http://www.nytimes.com/2010/12/12/business/12advantage.html?_r=3&nl=todaysheadlines&emc=a2