Regulators are pushing for much of the $592 trillion market in over-the-counter derivatives trades to be moved to clearinghouses which act as the buyer to every seller and seller to every buyer, reducing the risk to the financial system from defaults.
Sounds like a good idea to me. I don't know why the author is trying to induce panic.
Private risk transferred to public costs.
The world wide wealthy financial elite made their money, now dump this on the public, the masses.
Elite financial behaviour, like ghetto dwellers, remains the same.
You must like welfare, public housing, government union voted pension schemes.
By the way, I have a old envelope of noncollectable checks to me, would you please send my your address so that I can get the money. I’ll take 50 cents on the dollar and you can profit from the rest.