ON THE RECORD
“It would be easy for us to dismiss [derivatives] as [investment products] only sophisticated investors use minimizing any impact to our economy. …If we think back to the collapse of Enron, or even farther back to Long-Term Capital Management, we understand how the abuse of derivatives can have a negative impact not only on the parties to the contract, but also on the market and the economy.”
—Rep. Richard Neal, D-Mass., chairman of the House Ways and Means Select Revenue Measures Subcommittee, at a March 5 hearing on tax treatment of derivatives
Source: House Ways and Means Committee, http://waysandmeans.house.gov .