Legislative Leaders Demand Answers From Banks On Swaps Risk Exposure

Political leaders on U.S. House and Senate finance committees are asking the same questions that certain hedge fund managers and regulators want answered As issues of potential sovereign debt default ignite in southern Europe, and concerns over a daisy chain reaction of potential Swaps derivatives defaults threatens to widen beyond Greece, U.S. Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) have a few questions to ask of the four largest banks with a virtual monopoly on unregulated Swaps derivatives risk exposure. In December 2014 The U.S. Treasury Warned About Opaque Derivatives, as Did Brooksley Born in 1998 The problem…