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Derivatives Trading Is Scrutinized

Date: June 9, 2008
Author: Michael M. Grynbaum
QUOTE: One of the nation’s top central bankers called Monday for a significant overhaul in regulation of the financial industry, declaring that the current system of supervision is confusing and susceptible to “perverse” abuses. The official, Timothy Geithner, the president of the Federal Reserve Bank of New York and one of the chief architects of the Bear Stearns bailout, said banks and government regulators must take pre-emptive steps to prevent future disruptions from snowballing into crises.

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