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Noah and the Ark
Banks lost $10 billion trading derivatives in the most recent quarter reported to the Fed, which was six months ago. It is possible more recent derivative losses have been larger.
http://www.occ.treas.gov/ftp/release/2008-115a.pdf
Various listed exchanges including Eurex, CME, ICE, and NYX are working to list, regulate, standardize and trade derivative contracts such as credit default swaps and collateralized debt obligations, which could provide fuller disclosure and take further profits from investment banks.
http://online.wsj.com/article/SB122878556495790139.html?mod=googlenews_wsj
Listed exchanges already trade real estate futures and options, something we proposed at our Stanford class three decades ago to hedge falling real estate prices. For a list of attractive current patent pending exchange ideas, email us.
http://www2.standardandpoors.com/spf/pdf/index/GRA_Zaccaria_SPCREX_101107.pdf
What is interesting to homeowners facing falling prices is the ability to hedge or insure against home equity losses. As with all financial transactions, one buys low and sells high to profit.
http://www.mortgagenewsdaily.com/6162006_Real_Estate_Options.asp
http://www.cme.com/trading/dta/del/product_list.html?ProductType=hng
Bailout Bombs
As of now, there were no comparable bailouts for taxpayers and future generations, the ultimate source of capital, funds and savings.
Numerous investment banks, after the 1999 repeal of the 1933 Glass Steagall Act separating commercial and investment banks, decided they wanted to become more regulated (nationalized) banks, including American Express, Goldman Sachs, GE Capital, GMAC, Morgan Stanley and Raymond James.
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