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Derivatives are financial weapons of mass destruction.
The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.
There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud. You can apply that rule to left-wing social programs, but you can also apply that rule to credit derivatives, hedge funds, all the rest of it.
P. J. O'Rourke
We have to rethink our whole energy approach, which is hard to do because we're so dependent on oil, not just for fuel but also plastic. If plastic vanished, there would be total chaos. We have to think quite carefully about using oil and its derivatives, because it's not going to be around forever.
I think, my generation, it's hard to have hope when you got a $700-trillion derivatives debt to pay and a bubble about to explode and $500 trillion worth of GDP.
We print journalists are victims of economic forces beyond our control. We were as surprised as everyone else was by the sudden collapse of the reliable reporting market. We had no idea that real news and clear-eyed analysis were being 'bundled' with subprime celebrity gossip, 'U.S. Weekly' derivatives, and Jennifer Aniston/Angelina Jolie swaps.
P. J. O'Rourke
Overwinding happens when hedge funds destroy companies by attempting to leverage derivatives against otherwise productive long-term assets.
An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.
Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells.
Modern women are just bombarded. There's nothing but media telling us we're all supposed to be great cooks, have great style, be great in bed, be the best mothers, speak seven languages, and be able to understand derivatives. And we don't really have women we're modeling after, so we're all looking for how to do this.
Jamie Lee Curtis
Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.
They've been fairly positive, as firm as they could be in regards to the derivatives operations in Montreal. We didn't sense that there was a hesitation about it. But things change.
I was named Margaret Yvonne. 'Margaret' because my mother was very fond of one of the derivatives of the name. She was fascinated at the time by the movie star Baby Peggy, and I suppose she wanted a Baby Peggy of her own.
Yvonne De Carlo
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
With the derivatives market larger than ever, we need way more regulation of Wall Street, not less.
Derivatives are a huge, complex issue.
In truth, it's not the shareholders of the American International Group who benefited most from its bailout; they were mostly wiped out. The great beneficiaries have been the creditors and counterparties at the other end of A.I.G.'s derivatives deals - firms like Goldman Sachs, Merrill Lynch, Deutsche Bank, Societe Generale, Barclays and UBS.
A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'
Derivatives trading should be standardized and as much as possible moved to clearinghouses.
If you have a traditional view of economics, you're probably thinking of Ben Bernanke making Fed policy, or the guys creating financial derivatives at Goldman Sachs.
What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined.
I didn't become interested in derivatives until 1982, 1983.
Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.
Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
There are challenges in terms of the measurement of VAR for what are known as nonlinear derivatives, where things like gamma and vega are important dimensions of the risk.
John F. Kennedy
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