Hi, #MAGA friends. Some time ago, I was at an event where I spoke with former U.S. Senator Jon Corzine. There were several key #Democrats present at the event who were discussing an issue that had not been prevalent in the media, but I realized that day was a serious concern.
I heard Corzine speaking about risks in the financial derivatives market in a way that was extremely concerning. Figures who were present that afternoon were speaking about "our" interests and Wall Street, and that the American people really had no idea how big. . .
. .that the American people really had no idea how big complex derivatives contracts were, that were being carried by financial firms in ways that Americans could not understand, and that #Obama people had authored regulations in a way that allowed Wall Street to game the system.
It is well known by many that famous investor Warren Buffett was quoted saying "Derivatives are financial weapons of mass destruction." I believe Mr. Buffett in this regard; after hearing what I heard that afternoon from Corzine, I believe the problem may be bigger than imagined
This infographic claims potential derivatives exposure is $100 trillion. The language I heard used between key #Democrats that afternoon when we were with Corzine, was "Quadrillion." I have never heard the word "Quadrillion" before that afternoon. This is the disturbing #TRUTH
They were speaking that afternoon about complex relationships between U.S. banks and other banks, how difficult it is to keep accurate records about the value of loans and other transactions that have been done between those banks, and the potential disasters waiting to happen
Bottom line, that one afternoon, I became aware the Obama administration apparently authored certain legislation pertaining to the Derivatives markets in a way that still allows for massive risk to exist to the entire #USA financial system. They were extremely concerned.
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