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Reply #5: Summers, Greenspan, Rubin.... [View All]

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madfloridian Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-30-09 06:52 PM
Response to Reply #4
5. Summers, Greenspan, Rubin....

"Summers, then the deputy secretary of the Treasury, had another idea--as did Robert Rubin, the secretary of the Treasury, and Alan Greenspan, the chairman of the Federal Reserve. These wise men each gazed with horror upon Born's proposed consideration of regulation for derivatives. Speaking for them, on July 30, 1998, Summers testified in the Senate against the notion of the CFTC even pondering rules governing the trading of derivatives. By releasing its memo, the CFTC, Summers complained, "has cast the shadow of regulatory uncertainty over an otherwise thriving market--raising risks for the stability and competitiveness of American derivative trading."
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