As head of the Commodity Futures Trading Commission [CFTC], Brooksley Born became alarmed by the lack of oversight of the secretive, multi-trillion-dollar over-the-counter derivatives market. Her attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, then-Treasury Secretary Robert Rubin and then-Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop Born and limit future regulation.
Related:
http://www.pbs.org/wgbh/pages/frontline/warning/interviews/born.html
December 14th, 2009 at 3:06 pm
[...] // (Editor’s note: This is also the same Larry Summers who fought tooth-and-nail against Brooksley Born’s proposed derivatives regulation during the Clinton [...]