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DU Home » Latest Threads » Forums & Groups » Main » 2016 Postmortem (Forum) » Why have we heard nothing... » Reply #62

Response to pnwmom (Reply #8)

Mon May 14, 2012, 09:11 AM

62. In May 2009,

while in Boston to receive the John F. Kennedy Profiles in Courage award, the most erudite Brooksley Born warned about the economic catastrophe we're witnessing:

She once again warned about the danger of Dark Markets, now grown to $680 trillion of notional value, according to the Bank for International Settlements -- "more than 10 times the amount of the gross national product of all the countries in the world."

"If we fail now to take the remedial steps needed to close the regulatory gap," Born said, "we will be haunted by our failure for years to come."


Perhaps you have noticed the dearth of information about over-the-counter derivatives, the "Dark Markets" Born has long cautioned will be the global economy's biggest challenge.

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