The Derivative Project

Systemic Risk and Leverage

How Morningstar’s Rekenthaler is Wrong on Marty Bannon’s T Sale

How Morningstar’s Rekenthaler is Wrong on Marty Bannon’s T Sale

March 14, 2017 the Wall Street Journal wrote, “Steve Bannon and the Making of an Economic Nationalist” “The controversial White House counselor says his father’s 2008 financial trauma helped crystallize his antiglobalist views and led to a political hardening; ‘I’m going to be totally wiped out.”  Marty Bannon, Steve’s father, sold…

Recommendations to Senator Levin’s June 17, 2014 Hearing on Impact of Conflicts on Investor Confidence

Recommendations to Senator Levin’s June 17, 2014 Hearing on Impact of Conflicts on Investor Confidence

The Permanent Subcommittee on Investigations (PSI), chaired by Senator Carl Levin (D-MI) will hold a hearing on June 17th on “Conflicts of Interest, Investor Loss of Confidence and High Speed Trading in U.S. Stock Markets”. In particular, the subcommittee “will focus on the conflicts of interest that arise between the…

A Guess at Why Larry Fink is Warning on Leveraged ETF’s

A Guess at Why Larry Fink is Warning on Leveraged ETF’s

Larry Fink, CEO of Blackrock rattled the ETF business last week, pronouncing leveraged ETF’s have the capacity to blow up the system. Reuters describes Mr. Fink’s warning here this morning, Blackrock’s Fink jolts ETF business with blow-up warning For background purposes, please read the Investment Company Institute’s write-up on closed…