Comment Text:
Submitter Info:
First Name: Sarah
Last Name: McKee
Mailing Address: 9 Chadwick CT
City: Amherst
Country: United States
State or Province: MA
Postal Code: 01002-2825
I am very concerned that loopholes in the End-User Exception to Mandatory Clearing of Swaps will allow banksters again to use Americans' assets as a personal casino.
Surely a reported $572 million, or billion -- who's counting? -- in collateralized debt obligation losses should teach us that the United States must require transparency to the greatest degree feasible in the clearing of swaps.
I understand that Dodd-Frank already contains an exception from clearing and exchange trading requirements for legitimate end-users, such as airlines and farmers, who are doing commercial hedging as part of their business.
This is enough. The rest of them must trade publicly, where we all can see them. We know what happens when they trade secretly, and American children are growing up ill-nourished and ill-educated as a result.
