By Mark Melin

Larry Summers is attempting to re-write history at the expense of Brooksley Born, according to some, as fundamental principles of leverage & derivatives management are woefully ignored.

As the western world wakes to the fact it is in the middle of a debt crisis spiral, intelligent voices are wondering how this manifested itself?

As we speak, those close to the situation could be engaging in historical revisionism to obfuscate their role in the design of faulty leverage structures that were identified in the derivatives markets in 1998 and 2008.

These same design flaws, first identified in 1998, are persistent today and could become graphically evident in the very near future under the weight of a European debt crisis.

Please read more here.

In the long war over Wall Street regulation, a little-noticed clash erupted this week over a plan to rein in risky trading overseas.

Signs that a clash was brewing behind the scenes came after the Commodity Futures Trading Commission abruptly canceled a meeting to vote on the overseas trading proposal with just hours to spare. The agency provided no explanation, sending out only a short e-mail that it would “no longer hold a scheduled meeting on June 21, 2012.”

So much for President Obama's promise of transparency in his administration!

Here's more on Joe Cross - the dude from the Fat, Sick & Nearly Dead movie!

Retired hedge fund manager and former Goldman Sachs executive writes a disturbing and scary forecast of the future of the world and the end of fiat money.

Once again, Taleb tells it like it is. I love it!

Looks like Jamie Dimon's house of cards is unraveling - big time!

Jamie Dimon's derivatives house of cards!

JPMorgan Chase Chief Investment Officer Ina R. Drew, head of the unit responsible for a $2 billion trading loss, built a 30-year career at the largest U.S. bank by embracing risk and avoiding the spotlight.

Please read more here.

9 Biggest Banks' Derivative Exposure ~ $228.72 Trillion

There is no government in the world that has this kind of money. This is roughly 3 times the entire world economy.

The House is nearing bipartisan approval of two bills easing requirements that President Barack Obama's overhaul of financial regulations imposes on some exotic financial instruments.

Please read more here.