Byron Dorgan: “I ask the Senator from Texas, could he not find the definition of a derivative by talking to people who used to run Long…”

“I ask the Senator from Texas, could he not find the definition of a derivative by talking to people who used to run Long Term Capital Management? As the Senator from Texas will recall, it lost a fortune sufficient so that it almost took down the American economy. The Fed had to have a Sunday night rescue package to try to prevent LTCM from collapsing. I would expect an awfully good definition of derivatives. They are risks that are now falling through the cracks of regulators, which come from an understanding of Long Term Capital Management.”