Is The 2012 Great Derivatives Fire Like 1666?

London, UK - 18th May 2012, 09:10 GMT

Dear ATCA Open & Philanthropia Friends

[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]

In 1666, The Great Fire of London caused massive systemic damage. Outdated complex building structures made of combustible material were huddled together and caught fire one after the other at rapid speed. Why did this happen nearly 350 years ago? The wood-and-straw structures were haphazard implementations of unethical building practices that paid little heed to risk management and were allowed by the oversight of regulation. Is the “Great Derivatives Fire” engulfing JPMorgan et al now similarly out of control and in resonance with 1666? Losses from trading bets made by "London Whale" at JPMorgan have risen from $2bn to $3bn in just four working days and they continue to rise much faster than originally anticipated. Have Too Big To Fail (TBTF) financial institutions become Too Big To Manage (TBTM) or simply Too Big (TB)? As other TB financial institutions eventually get roped into interlinked losses via complex derivatives' entanglements -- tracking different asset classes -- is the $1.4 quadrillion derivatives pyramid about to catch fire a la 1666 and come tumbling down along with all the Too Bigs or TBs? Please join the Socratic dialogue on ATCA 5000 at https://www.yammer.com/atca. We look forward to hearing from you!



The Great Fire of London: 1666

[STOPS]

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[ENDS]

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ATCA: The Asymmetric Threats Contingency Alliance is a philanthropic expert initiative founded in 2001 to resolve complex global challenges through collective Socratic dialogue and joint executive action to build a wisdom based global economy. Adhering to the doctrine of non-violence, ATCA addresses asymmetric threats and social opportunities arising from climate chaos and the environment; radical poverty and microfinance; geo-politics and energy; organised crime & extremism; advanced technologies -- bio, info, nano, robo & AI; demographic skews and resource shortages; pandemics; financial systems and systemic risk; as well as transhumanism and ethics. Present membership of ATCA is by invitation only and has over 5,000 distinguished members from over 120 countries: including 1,000 Parliamentarians; 1,500 Chairmen and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at Academic Centres of Excellence; 500 Inventors and Original thinkers; as well as 250 Editors-in-Chief of major media.

The Philanthropia, founded in 2005, brings together over 1,000 leading individual and private philanthropists, family offices, foundations, private banks, non-governmental organisations and specialist advisors to address complex global challenges such as countering climate chaos, reducing radical poverty and developing global leadership for the younger generation through the appliance of science and technology, leveraging acumen and finance, as well as encouraging collaboration with a strong commitment to ethics. Philanthropia emphasises multi-faith spiritual values: introspection, healthy living and ecology. Philanthropia Targets: Countering climate chaos and carbon neutrality; Eliminating radical poverty -- through micro-credit schemes, empowerment of women and more responsible capitalism; Leadership for the Younger Generation; and Corporate and social responsibility.



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