NY Governor Paterson seeks scheme to attract hedge funds

Reuters hides the lead as it often does. At the end of a general list of things NY Governor Paterson wants to do:

• "and reviving the so-called insurance exchange."...

• "Insurance Exchange?"

1/6: "The original New York exchange, a centralized marketplace for brokering and underwriting, was founded to great fanfare in 1980 but later that decade closed its doors after the industry was hit by a severe period of losses.

State laws permitting the exchange still exist. James Wrynn, the insurance superintendent, said the

• focus would be on newer, more complex policies to lure non-traditional players,

• such as hedge funds and private equity firms.

To carve out a niche that is distinct from London and Bermuda, the current insurance capitals, Wrynn told reporters in a conference call that the policies would cover:

• "reputational risk, cyber security, terrorism, supply chain integrity,

• and the growing effect of climate change" ...(which is nonexistent)

Reuters: "professional integrity, and risks associated with mergers and acquisitions ...

• catastrophic marine and aviation risks.""...***********

Perfect. Another commodity exchange dealing with smoke and mirrors meant for convicted criminals like Soros, Bernie Madoff and the rest. Goldman Sachs no doubt has been in on set-up.

• We need another speculative, high risk, 'complex' global financial exchange. Right.
  

Key: Obama has been open in his efforts to get Paterson to step down, not run again, get out of democrats' lives. Perhaps Obama has met his match: Paterson is doubling down and using risky, back room Wall Street deals to do it.

• Reuters faux headline to throw you off the track about what the real news is: "NY Governor outlines measures to revive economy," 1/6/10