Peter Mandelson Quotes


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She had warned about the unregulated derivatives 10 years earlier, but to no avail. See {637987}. Then when she had been proven prescient in the Meltdown of 2008, Congress was more interested in how she thought they could prevent future problems with derivatives. Some were adopted but not all. The financial institutions claimed that they needed derivatives to hedge positions and hence “stabilize” the system. Of the members of Congress who voted on this issue, almost none understood derivatives and credit default swaps were and how they worked. But some were sure they were bad, and others were sure that they were necessary for stability. Derivatives can, and did, get so complicated that the people who originally created them sometimes cannot tell whether they are at risk or not. Even computer cannot calculate the value and risks of these instruments because the values and risks depend on what happens to other companies or instruments which themselves have derivatives insuring them. See {620038} for a good description of the difficulty.


Peter Mandelson
Peter Mandelson
  • Born: October 21, 1953
  • Nationality: British
  • Profession: Politician

Peter Benjamin Mandelson, Baron Mandelson PC is a British Labour politician who served as First Secretary of State from 2009 to 2010. A member of the Labour Party, he was President of the Board of Trade in 1998 and from 2008 to 2010. He is the president of international think tank Policy Network, honorary president of the Great Britain–China Centre, and chairman of strategic advisory firm Global Counsel.