The agency has been largely openly antagonistic towards Wall Street in the sense that it has insisted on more regulation of derivatives, the Jekyll-and-Hyde financial instruments that are as speculative as they are about reducing risk.
Err, yes love. The producers and consumers get to reduce their risk exposure by unloading it onto the speculators.
That is indeed what it is all about.
The financial crisis showed us that derivatives, which are meant to help investors hedge against risk, are often abused as vehicles of profitable speculation.
My word, did it? I thought it was housing finance that went down the tubes myself. We might extend that to securitisation of housing finance perhaps. But that’s where the problem was. It wasn’t futures or options markets that crashed, was it?