Chris Dodd's wife and derivatives trading

[autorank]

March 19, 2010 | 2:14 pm

In the middle of a blog item about credit default swaps, Felix Salmon of Reuters drops the following nugget about Sen. Chris Dodd and the CME Group, which owns the Chicago Mercantile Exchange and the New York Mercantile Exchange.

"Dodd’s wife, Jackie Clegg, is a director of the CME, which paid her $153,219 in 2009; she also owns shares in the company worth about $235,000. (The CME makes no mention of her husband on its website or in its SEC filings, despite the fact that he’s surely a big part of the reason why she has the position.)"

Why is this notable?

Because Dodd, as the chairman of the Senate Banking Committee, is leading a charge to pass legislation from which the CME Group would likely benefit greatly.

[DJ13]

1. There really should be laws against this kind of thing

Like Max Baucus's wife sitting on the board of a health insurer.

I dont care what they say, its corruption.

[autorank]

6. They write the rules, rig the game, and call it legal

And you're right it's wrong and it's a series of crimes that have stolen the nation from the people
with the people's own wealth and production.

[a kennedy]

11. and love the one about the wife of a SCJOTUS being a very active teabagger!!!

Oh yeah, there's no problem there. :grr: :grr: :grr:

[girl gone mad]

2. Mr. "Friends of Angelo" Dodd has been crooked for some time now.

Glad he'll be gone soon.

[autorank]

5. The apple didn't fall far from the tree n/t

[unkachuck]

3. they really do keep it in the family....

....the whole damn thing is corporate owned....why do these people even bother to pretend that they care about our country....

....if they cared about this country they wouldn't have fucked it up in the first place....

[Enthusiast]

9. They are continuing to fuck it up.

They never stopped. And the Administration and Democrats are the enablers (and the perpetrators).

I actually sent Dodd money! I hate these sons of bitches with a passion.

[autorank]

4. Boom to Bust - Derivatives lead the way...down

Wall Street
The $58 Trillion Elephant in the Room>

by Jesse Eisinger Oct 15 2008 See Archive

The creation of credit derivatives, only a decade ago, is more responsible than anything else for binding the global financial world together more closely. Now some of the trailblazers are puzzling over what has been wrought. "How can we have a financial system so precariously balanced after such an extraordinarily profitable period?" asks Andrew Donaldson, a former colleague of Demchak’s who runs an asset management firm in London.
================

The size of the unregulated, secddretive derivatives market is eight itmes the 'world domestic product' - a combination of the all of the world's nations gross domestic products. That's a Ponzi scheme that can never pay off. That's what they refuse to regulate.


Wikipedia Commons
http://en.wikipedia.org/wiki/Derivative_%28finance%29#Valuation

[Me.]

7. Between His Wife & His Staffers

He shouldn't be allowed anywhere near banking reform. Boy...it seems like you can't trust any of them.

[Enthusiast]

10. It is literally

the fox in the chicken coop.

[FreeJG]

8. Dodd's wife should ask hubby Chris about "The Dream House" in Atlanta....

He is one of them.....