Briefings
Week InReview: July 27, 2018
- By: admin
- On: 07/27/2018 14:52:37
- In: 2018 Briefings
Are derivatives sinful?
CFTC Chair J. Christopher Giancarlo, a "devout roman Catholic," and chief economist Bruce Tuckman, responded to Pope Francis's condemnation of derivatives in a letter to the Vatican.
"Messrs. Giancarlo and Tuckman, in the letter, argued for the social utility of derivatives, saying that rather than preying on the vulnerable, derivatives are actually a boon for "the world's poorest farming communities."
The two backed up their rebuttal of the Vatican with detailed descriptions of how, for example, derivatives can help stem boom-and-bust cycles in Madagascar's vanilla-crop prices.
CFTC chair tangles with Vatican over Pope's criticism of derivatives
CFTC Chair J. Christopher Giancarlo, a "devout roman Catholic," and chief economist Bruce Tuckman, responded to Pope Francis's condemnation of derivatives in a letter to the Vatican.
"Messrs. Giancarlo and Tuckman, in the letter, argued for the social utility of derivatives, saying that rather than preying on the vulnerable, derivatives are actually a boon for "the world's poorest farming communities."
The two backed up their rebuttal of the Vatican with detailed descriptions of how, for example, derivatives can help stem boom-and-bust cycles in Madagascar's vanilla-crop prices.
CFTC chair tangles with Vatican over Pope's criticism of derivatives
Read entire Week InReview: July 27, 2018