Financial derivatives are extremely complicated financial instruments used to speculate on the future value of an asset. In other words, Wall Street uses derivatives to gamble. It was this kind of gambling that led to the collapse of Bear Stearns and Lehman Brothers and brought the U.S. financial system to its knees.
This is “casino capitalism,” and the first step to reform is to treat derivatives trading for what it is – gambling. That is why I have introduced legislation to allow state gaming authorities to regulate derivatives markets.
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