When Ron Paul wins the presidency(if the PEOPLE actually get to count their own votes), people like this win be in prison for treason.

EBSA will soon be issuing a proposed regulation amending its current regulation under ERISA section 408(b)(2) to clarify the information fiduciaries must receive and service providers must disclose for purposes of determining whether a contract or arrangement is “reasonable,” as required by ERISA’s statutory exemption for service arrangements.

Re: The U.S. Department of Labor (the “DOL”) has granted to Barclays Capital Inc.
an administrative exemption (Final Authorization Number 2004-03E (2004)) (the
“Exemption”) from certain of the prohibited transaction rules of ERISA with
respect to the initial purchase, the holding and the subsequent resale by Plans
of certificates representing interests in asset-backed pass-through trusts that
consist of certain receivables, loans and other obligations that meet the
conditions and requirements of the Exemption. The receivables covered by the
Exemption include secured residential, commercial, and home equity loans such as
the mortgage loans in the trust fund. The Exemption provides exemptive relief to
certificates, including Subordinated Certificates, rated in the four highest
generic rating categories in certain designated transactions, provided the
conditions of the Exemption are met. The Exemption will apply to the
acquisition, holding and resale of the LIBOR Certificates other than the Class
B-4 certificates (the “ERISA Eligible Certificates”) by a Plan, provided that
specific conditions (certain of which are described below) are met.

For ERISA purposes, an interest
in a class of LIBOR Certificates should represent beneficial interest in two
assets, (i) the right to receive payments with respect to the applicable class
without taking into account payments made or received with respect to the
interest rate swap agreement and (ii) the rights and obligations under the
interest rate swap agreement. A Plan’s purchase and holding of an ERISA Eligible
Certificate could constitute or otherwise result in a prohibited transaction
under ERISA and Section 4975 of the Code between the Plan and the Swap Provider
unless an exemption is available.

Moreover, the Exemption would provide relief from certain self-dealing/
conflict of interest prohibited transactions that may arise when a Plan
fiduciary causes a Plan to acquire certificates in a trust containing
receivables on which the fiduciary (or its affiliate) is an obligor only if,
among other requirements, (i) in the case of the acquisition of ERISA Eligible
Certificates in connection with the initial issuance, at least 50% of each class
of ERISA Eligible Certificates and at least 50% of the aggregate interests in
the trust fund are acquired by persons independent of the Restricted Group (as
defined below), (ii) the Plan’s investment in ERISA Eligible Certificates does
not exceed 25% of each class of ERISA Eligible Certificates outstanding

Does anyone understand what DOL is doing by granting exemptions to derivative traders?? Is DOL allowing Banks to pool pension benifits as collateral for swaps? This is very important I think!!!

Translation: “My views have evolved now that the traders at Goldman have explained to me that it is not, in fact, possible to short the collapse of the entire global financial system.”