“It was not the highly visible acts of Congress but the seemingly mundane and often nontransparent actions of regulatory agencies that empowered the great transformation of the U.S. commercial banks from traditionally conservative deposit-taking and lending businesses into providers of wholesale financial risk management and intermediation services.” — Professor Saule Omarova, “The Quiet Metamorphosis, How Derivatives … Continue reading How Unelected Regulators Unleashed the Derivatives Monster – and How It Might Be Tamed