No Regulator Has or Will Have the Information, Expertise, or Esp Required to Do This

Michael Giberson The title is lifted directly out of Craig Pirrong’s post on the Treasury departments proposal to “crack down on off-exchange trading of exotic financial instruments blamed for sparking last year’s crisis” (in the words of yesterday’s WSJ article). The Treasury wants derivatives contracts that commonly trade over-the-counter to trade through a centralized clearinghouse … More No Regulator Has or Will Have the Information, Expertise, or Esp Required to Do This