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Old 02-27-2009, 07:36 PM
 
12,870 posts, read 12,820,999 times
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obama is appointing a new CFTC (Commodity Futures Trading Commission) to clean up dodge. unfortunately, mr. gensler has been a partner at goldman sachs for 20 years and helped formulate the Commodity Futures Modernization Act which prevented the CFTC and the SEC from regulating default swaps. (derivatives)
quote from mr. gary gensler:
In his May 1999 testimony on the reauthorization of the CFTC, Gensler told a House panel that the $70 trillion worldwide derivatives market “shows the vibrancy and the importance of this market for all sorts of participants to hedge their risks and transfer risks,” including grain producers and homeowners.

“We should recognize that and put the burden on those who are suggesting changes and further regulation, put the burden on them before we tamper on some of the successes of this marketplace for the economy,” he said. “The swap exemption reflects the implicit consensus that has existed for the past 10 years: swap transactions should not be regulated under the CEA. It is our view that swaps are not futures under the CEA and that the CEA, because of its rigidity, is not well-suited to regulation of the institutional swaps market.”

yikes!
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Old 02-28-2009, 07:45 AM
 
48,519 posts, read 81,407,913 times
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Hopefully he at least paid his taxes which makes him more qualified than most that Obama seems to have appointed.
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Old 02-28-2009, 06:43 PM
 
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even though there are a large number of tax dodgers in the obama appointments (killefer, geithner, daschle, and solis), i think it is more worrisome that the people who controlled the treasury (paulson under bush) and now geithner and gensler all have ties to goldman sachs and their manipulation of wall street and finance. these are all people who opposed regulation and now are presumably going to be doing the regulation......
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Old 02-28-2009, 06:46 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,472,336 times
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Makes 'em perfect for the job. People will scrutinize them pretty hard. Look at you....just sitting there....scrutinizing.
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Old 03-02-2009, 06:26 AM
 
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it seems that the press does not want to point out the obvious, for whatever reason, so somebody has to do it. no matter which administration is in charge it seems to benefit goldman sachs.

there is an interesting 'Goldman' angle that nobody is addressing: there is a Goldman 'winner' in each of these deals. Merrill - Thain & his boys take home a cool $200MM. AIG - Paulson let's Goldman roll up their sleeves and take a look to supposedly seek private capital...total b.s. How about he let them take a look at their CDS book and hedge themselves for the oncoming onslaught...again total b.s. Bear - a big Goldman kiss; totally demoralize Jimmy Cayne et al with $2 offer (worse than bankruptcy at the time). Anybody think the FNM/FRE deal was a little strange - hinting they would include the preferreds and then oops change of ourse....whamo. I'm sure Goldman was on the right side of that trade also. Paulson checks out of Goldman, heads to Treasury, puts his Goldman stock in a blind trust (& pays zero capital gains taxes on any sale btw) and then continues to feed the Goldman animal.

now welcome to the new adminstration with new goldman sachs employees!
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