Oh goodness, Republican Senator Judd Gregg has his work cut out in mastering the intellectual debate on fixing the derivatives trade.
Here’s a long and detailed paper entitled: The Derivatives Dealers’ Club and Derivatives Markets Reform: A Guide for Policy Makers, Citizens and Other Interested Parties.
It’s written by Robert Litan, a senior fellow at the Brookings Institution.
As James Kwak notes over at The Baseline Scenario, Litan is no bomb-thrower. He’s actually better known for defending the financial community.
Kwak recommends Mike Konczal’s analysis of the paper — parts one and two — over at Rortybomb. And we’d second that.
Related links:
Banks Falter in Rules Fight – WSJ
The bankers need to fight back – Robert Sloan / FT comment