asterisk2a + alangreenspan + bobrubin   2

Brooksley Born, the Cassandra of the Derivatives Crisis -
A little more than a decade ago, Born foresaw a financial cataclysm, accurately predicting that exotic investments known as over-the-counter derivatives could play a crucial role in a crisis much like the one now convulsing America. Her efforts to stop that from happening ran afoul of some of the most influential men in Washington, men with names like Greenspan and Levitt and Rubin and Summers -- the same Larry Summers who is now a key economic adviser to President Obama.

She was the head of a tiny government agency who wanted to regulate the derivatives. They were the men who stopped her.
BobRubin  derivatives  creditcrunch  alangreenspan  larrysummers  CDS 
august 2009 by asterisk2a
The Ladies Of The Financial Crisis
Eleven years ago, then-CFTC chairman Brooksley Born campaigned tirelessly for someone -- she wanted it for her agency, but she would have been happy for anyone to have just done it -- to get the authority to regulate derivatives. Bill Clinton now openly admits that his biggest mistake was allowing Larry Summers, Bob Rubin and Alan Greenspan to spend three years bullying her out of the job, in a nasty battle that culminated in a conference call in which Larry Summers bellowed: "I have 13 bankers in my office and they say if you go forward with this, you will cause the worst financial crisis since World War II." It wasn't a particularly cerebral debate; as the Wall Street Journal observed at the time, "the nation's top financial regulators wish Brooksley Born would just shut up."
larrysummers  BobRubin  alangreenspan 
august 2009 by asterisk2a

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