Treasury Dept. Hides Taxpayer Contracts

[swag]

Run time: 10:19 https://www.youtube.com/watch?v=XbYLf6lU55A   Posted on YouTube: October 23, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: October 23, 2008 By DU Member: swag Views on DU: 571

 

[Kaleko]

1. So much for the transparency everybody knows we absolutely need

if we want to restore trust in the US financial system.

Watch Dylan Ratigan (also on Fast Money on CNBC). That man has been spot on and very outspoken about the shenanigans going on.

[midnight]

2. The younger gentleman in the group has it right. Confidence

is missing when key pieces of information is missing.

Born wanted to shine a light into the dark. She had offered no specific oversight plan, but after months of making noise about the dangers that this enormous market posed to the financial system, she now wanted to open a formal discussion about whether to regulate them -- and if so, how.

Greenspan, Rubin and Levitt were determined to derail her effort. Privately, Rubin had expressed concern about derivatives' unruly growth. But he agreed with Greenspan and Levitt that these newer contracts, often called "swaps," weren't exactly futures. Born's agency did not have legal authority to regulate swaps, the three men believed, and her call for a discussion had real-world consequences: It would cast doubt over the legality of trillions of dollars in existing contracts and create uncertainty over how to operate in the market.http://mobile.washingtonpost.com/detail.jsp?key=294052&rc=to&p=1&all=1
I find this women's understanding of the mechanics of our money system a good read.

At the April meeting, the trio's message was clear: Back off, Born.