Louise Story
The New York Times
December 12, 2010
- A d v e r t i s e m e n t
- {openx:49}
On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.
The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.
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Drawn from giants like JPMorgan Chase [JPM 41.43 0.62 (+1.52%) ], Goldman Sachs [GS 168.47 2.02 (+1.21%) ] and Morgan Stanley [MS 26.95 0.24 (+0.9%) ], the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk.
