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The fact is, derivatives have become the world's biggest "black market," exceeding the illicit traffic in stuff like arms, drugs, alcohol, gambling, cigarettes, stolen art and pirated movies. Why? Because like all black markets, derivatives are a perfect way of getting rich while avoiding taxes and government regulations. And in today's slowdown, plus a volatile global market, Wall Street knows derivatives remain a lucrative business.
Originally posted by HimWhoHathAnEar
reply to post by gottago
I'm not so sure JPM is clean. I did a quick search and found this connection to OTC Derivates, the weapons of mass destruction that stand at $516 Trillion Globally.
I think self preservation is the motive here.
NEW YORK (Reuters) - JPMorgan Chase & Co set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the U.S. Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system.
JPMorgan is paying just $2 a share for Bear, or a total of $236 million, although the bank put a total $6 billion price tag on the deal including litigation and severance costs