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Follow on Google News | Impact of President Obama's Financial Overhaul in OTCs at Golden Networking's Derivatives ConferenceDerivatives Leaders Forum 2010, "Strategies for Increasing Profits under an Evolving Regulatory Framework" (DerivativesLeadersForum.com), July 22nd, New York City
According to a summary document released by the Senate Committee on Banking, Housing, and Urban Affairs, "the over-the-counter derivatives market has exploded– from $91 trillion in 1998 to $592 trillion in 2008. During the financial crisis, concerns about the ability of companies to make good on these contracts and the lack of transparency about what risks existed caused credit markets to freeze. Investors were afraid to trade as Bear Stearns, AIG, and Lehman Brothers failed because any new transaction could expose them to more risk. Over-the-counter derivatives are contracts that protect businesses from risks, and became a way for traders to make enormous bets with no regulatory oversight or rules and therefore exacerbated risks. Because the derivatives market was considered too big and too interconnected to fail, taxpayers had to foot the bill for Wall Street’s bad bets. Those bad bets linked thousands of traders, creating a web in which one default threatened to produce a chain of corporate and economic failures worldwide. These interconnected trades, coupled with the lack of transparency about who held what, made unwinding the 'too big to fail' institutions more costly to taxpayers." According to The Wall Street Journal, President Obama and other proponents say the financial overhaul will prevent the kind of reckless lending and borrowing that sank the financial system and left taxpayers with the check. They say non-financial companies are worrying unduly about the derivatives portion of the legislation. The Senate is expected to approve the financial regulatory overhaul on Thursday, sending it to the president. Derivatives Leaders Forum 2010 is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez. Upcoming Golden Networking's Forums and Business Receptions include: • High-Frequency Trading Happy Hour, (http://www.HFTHappyHour.com), July 13th, New York City • Distressed Investing Experts Forum 2010, "Analyzing and Valuing Distressed Companies, Securities and Real Estate" (http://www.DistressedInvestingExpertsForum.com), September 23rd, New York City • High-Frequency Trading Experts Workshop 2010, "Practical Implementation of High-Frequency Trading Strategies" (http://www.HFTExpertsWorkshop.com) • 2nd China Leaders Forum, "Challenges and Opportunities for China's Economic Juggernaut" (http://www.ChinaLeadersForum.com) • Latin America Leaders Forum 2010, "Unlikely Oasis of Growth amid the Global Economic Crisis?" (http://www.LatinAmericaLeadersForum.com) • 2nd Banking Leaders Forum, "Private Banking on the Brink of Transformational Change" (http://www.BankingLeadersForum.com) • Global Energy Leaders Forum 2010, "Proposals and Solutions for Today's Global Energy Challenges" (http://www.GlobalEnergyLeadersForum.com) • 2nd Private Equity Leaders Forum, "Setting the Stage for Radical Transformation in 2011 and Beyond" (http://www.PrivateEquityLeadersForum.com) Golden Networking has compiled the insights of top experts and industry practitioners and produced DVD Video Packages for its Leaders Forums, including: • Distressed Investing Leaders Forum 2009 DVD Video Package, "The Most Comprehensive Guide for Any Investor in Distressed Assets", http://www.DistressedInvestingLeadersForum.com • Distressed Investing Leaders Forum 2010 DVD Video Package, "Extraordinary Opportunities Investors Cannot Afford to Pass", http://www.DistressedInvestingLeadersForum.com • High-Frequency Trading Experts Forum 2010 DVD Video Package, "Starting and Running a High-Frequency Trading Operation", http://www.HFTExpertsForum.com • Hedge Funds Leaders Forum 2010 DVD Video Package, "Generating Alpha in Challenging Times", http://www.HedgeFundsLeadersForum.com • High-Frequency Trading Experts Forum 2010 DVD Video Package, "Innovating and Profiting from High-Frequency Trading in 2010 and Beyond", http://www.HFTLeadersForum.com Panelists, speakers and sponsors are invited to contact Golden Networking by sending an email to info@goldennetworking.net. Golden Networking has been frequently featured in the press, including recent articles in The New York Times, "Golden Networking Helps Job Seekers Make Overseas Connections" # # # GoldenNetworking.net (http://www.goldennetworking.net) • Distressed Investing Experts Forum 2010, "Analyzing and Valuing Distressed Companies, Securities and Real Estate" (http://www.DistressedInvestingExpertsForum.com) • High-Frequency Trading Experts Workshop 2010, "Practical Implementation of High-Frequency Trading Strategies" (http://www.HFTExpertsWorkshop.com) End
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