osoab
4th December 2011, 08:09 AM
Good read. Just a couple parts posted. The bottom paragraph is the money shot.
Gary Gensler: A U-Boat Sent into the CFTC? (http://www.zerohedge.com/contributed/gary-gensler-u-boat-sent-cftc)
(http://mfgfacts.com/)
http://www.zerohedge.com/sites/default/files/images/user4533/imageroot/2011/12/gensler1-26666_172x172.jpgWho was Gary Gensler?
When Gary Gensler was nominated to head the CFTC, most Americans had never heard of him. Yet he had been cruising the inner Beltway of D.C. and halls of influence for years under the radar of most. Genlser succeeded Brooksley Born who was given a very rough time by the club of Summers, Rubin, Greenspan et. al when she sounded the alarm bell on the rapid and unregulated growth of off-exchange derivatives. Born sought at least transparency as they “could pose potentially serious dangers to our economy.” Although appointed by Clinton, she never got his support and resigned from her post. For more on her prescient warnings, view this fascinating PBS documentary (http://www.pbs.org/wgbh/pages/frontline/warning/view/). As more collapses happen, the failure to regulate off exchange derivatives from CDO’s to re purchase agreements are increasingly understood to be a prime source of financial collapse.
Lobbying for Loopholes
Mr. Gensler talked much, but said little. On Monday, the CFTC will finally, and after much delay, vote on rule a required under the Dodd-Frank act removing a brokers’ ability to use their clients’ excess margin, or collateral for future trades, in corporate notes, bonds and commercial paper. The very changes to CFTC rule 1.25 that Gensler worked so hard to put in place 12 years before. The changes John Corzine and Laurie Ferber, MF Global’s general counsel, lobbied hard in recent months to protect and keep in place.
Gary Gensler: A U-Boat Sent into the CFTC? (http://www.zerohedge.com/contributed/gary-gensler-u-boat-sent-cftc)
(http://mfgfacts.com/)
http://www.zerohedge.com/sites/default/files/images/user4533/imageroot/2011/12/gensler1-26666_172x172.jpgWho was Gary Gensler?
When Gary Gensler was nominated to head the CFTC, most Americans had never heard of him. Yet he had been cruising the inner Beltway of D.C. and halls of influence for years under the radar of most. Genlser succeeded Brooksley Born who was given a very rough time by the club of Summers, Rubin, Greenspan et. al when she sounded the alarm bell on the rapid and unregulated growth of off-exchange derivatives. Born sought at least transparency as they “could pose potentially serious dangers to our economy.” Although appointed by Clinton, she never got his support and resigned from her post. For more on her prescient warnings, view this fascinating PBS documentary (http://www.pbs.org/wgbh/pages/frontline/warning/view/). As more collapses happen, the failure to regulate off exchange derivatives from CDO’s to re purchase agreements are increasingly understood to be a prime source of financial collapse.
Lobbying for Loopholes
Mr. Gensler talked much, but said little. On Monday, the CFTC will finally, and after much delay, vote on rule a required under the Dodd-Frank act removing a brokers’ ability to use their clients’ excess margin, or collateral for future trades, in corporate notes, bonds and commercial paper. The very changes to CFTC rule 1.25 that Gensler worked so hard to put in place 12 years before. The changes John Corzine and Laurie Ferber, MF Global’s general counsel, lobbied hard in recent months to protect and keep in place.