-- Richard Schetman, partner at Cadwalader, Wickersham & Taft LLP
I am a derivatives partner in the law firm Cadwalader, Wickersham & Taft. Last week I had the dubious distinction of being featured in an article on the ISDA Conference in San Francisco. This article was headlined "C.D.O. Days, S&M Nights at Derivatives Conference" and used this sensationalistic hook to suggest that not only had the derivatives industry caused the financial meltdown of the world economy but that the members of the industry are also somehow morally degenerate.
This vilification of the finance industry in general, and derivatives in particular, is neither accurate in assessing the reasons for the financial crisis nor useful in crafting legislation to reduce the likelihood and severity of future financial crises. I am neither an economist, a regulator nor a legislator, but have practiced in the areas of derivatives, securitization and financial products for over ....
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