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In the spring of 2000, I began a three-year stint on Citigroup's corporate-derivatives team. I was just months past my twentieth birthday, with no work experience to speak of, in a world beyond my imagination. As my boss summed me up after a day of interviews, I was "fucking unpolished." The credit-derivatives group, then just three or four people I sat next to, soon spawned an ever-expanding team managing ever-more complex creations: credit-default swaps, collateralized debt obligations, and the myriad other structures built with black boxes and shrouded by acronyms. Meanwhile, my group continued to peddle mostly the forbears of these recent menaces, the more mundane interest-rate swaps and Treasury-rate locks. The newer derivatives, though hardly identical to their predecessors, nonetheless evolved in similar environments, were likewise designed to manipulate risk, and were also customized on a trade-by-trade basis. Our clients were non-financial corporations, the Deltas and Verizons of the world, which relied on us for advice and education. Our directive was "to help companies decrease and manage their risks." Often we did just that. And often we advised clients to execute trades solely because they presented opportunities for us to profit. In either case, whenever possible we used our superior knowledge to manipulate the pricing of the trade in our favor.

This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC. What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

Hundreds of protesters attended a rally after which they planted 558 crosses, representing the 558 uninsured Oregonians who die each year because they lack health care.  The group marched peacefully in two large groups along the sidewalks stopping for traffic. They proceeded without incident, and without a single police officer to escort or obstruct them to Pioneer Square. Following his apology for misleading citizens in a statement regarding the alleged rape of a teenager Police Chief Reese said: "Our Incident Commander Mike Leloff met with protestors before a march and asked if they wanted a police escort. When they told him no, he asked that they self-police their event and obey the law; police would only respond if there were complaints. The march participants agreed, and the event proceeded without any problems, or a police presence" An Occupy Portland Video Collective collaboration. Subscribe here for more daily updates. All content on this channel marked with a creative commons licence is available for derivative, non-commercial works only. Email occupyportland.mediacoalition@gmail.com to join our group of volunteers. www.occupyportland.org occupypdx.orgwww.occupytogether.orgwww.occupytomorrow.com

This film explores the historical role of the Democratic Party as the "graveyard of social movements", the massive influence of corporate finance in elections, the absurd disparities of wealth in the United States, the continuity and escalation of neocon policies under Obama, the insufficiency of mere voting as a path to reform, and differing conceptions of democracy itself.  Original interview footage derives from Noam Chomsky, Michael Parenti, Michael Albert, John Stauber (PR Watch), Sharon Smith (Historian), William I. Robinson (Editor, Critical Globalization Studies), Morris Berman (Author, Dark Ages America), and famed black panther Larry Pinkney.