…Gensler spent 18 years at Goldman Sachs, making partner when he was 30, becoming head of the company’s fixed income and currency trading operations in Tokyo by the mid-’90s, and eventually the company’s co-head of finance.[3]

Subsequent to his time at the Treasury he acted as a Senior Adviser to Senator Paul Sarbanes, one of the authors of legislation that eventually became the Sarbanes-Oxley Act, designed to bring greater oversight to the accounting industry and reform of corporate governance.

As the Treasury Department’s undersecretary for domestic finance in the last two years of the Clinton administration, Gensler found himself in the position of overseeing policies in the areas of U.S. financial markets, debt management, financial services, and community development. Gensler advocated the passage of the Commodity Futures Modernization Act of 2000, which exempted credit default swaps and other derivatives from regulation. The Senate is expected to examine his views on derivatives regulation during the Senate confirmation hearings.[4]

In March 2009, Senator Bernie Sanders (I-VT) attempted to block his nomination to head the Commodity Futures Trading Commission. A statement from Sanders’ office said that Gensler “had worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in US history.” He also accused Gensler of working to deregulate electronic energy trading, which led to the downfall of Enron, and supporting the Gramm-Leach-Bliley Act, which allowed American banks to become “too big to fail.”[5]

today’s entry “congress has no more excuses” takes apart the CDS and the OTC mkt. The “toxic asset” mess that AIG blew itself sky high with (Citi is next), and came back down as property of Uncle Sam. Good article, tho he doesn’t go into the history of the thing that grew, from the reg reforms of 2000 to the summer of 2007, from a few hundred million to sixty trillion.

The folks who put that trade together must’ve known what they were doing, ‘cuz they all got re-hired (after the Bush interregnum) to re-reorganize the financial universe yet again for yet another new administration.

Millions of newly-busted people should be screaming, but aren’t, their MSM –by acting as tho it covers the news –being far far far worse than nothing at all.

What is the altitude and relative humidity?

Hunt @ 3: Ammo would be good (if you can find any), but the still option might be even better.

Process being the left’s Trojan Horse (because no one can watch the watcher) the right is stuck with ‘results’ –which in the case of the Fed governance means we need good people –honest, patriotic, intelligent, public-spirited people, to populate the system.

This is an ancient problem, often in the past addressed via the institution of the eunuch. Dunno if that helps any.

brock/11; –right –we do already have all the regulatory levers we need and then some. What’s been missing is the will to make them work. Case in point, the naked shorting which has wrecked so much of the one thing investors need most –confidence in a non-rigged system. Already illegal, merely unenforced “by custom”. ‘Splain THAT for me wouldja?

Hint: the same people –i mean the same exact, nameable individuals –who enabled & operated the massive failure of the system are the very people who will enable & operate the “new” replacement system. We needs ta wakes up.

This issue will be no different. The Left with the help of the State run media will again misinform and misdirect. We’ll surely be treated to yet another deceptive phony lying witch hunt aimed solely as discrediting those who want to bring some free market sanity to our regulatory system. Buraq’s and the left’s arguments are almost certainly going to accusatory in tone, deceptive , inflamatory, totally without redeeming value and spiteful.

I hope the populace finally wakes up. We are done if this thing passes; The marxist thugs will then control our whole financial system