Henry Hu, the director of the Securities and Exchange Commission’s division of risk, has said that it has been nearly impossible for the SEC to conduct investigations into any matter concerning credit default swaps because the commission does not have access to any data on the trading of CDSs.

Markit Group was co-founded by Rony Grushka, Lance Uggla, and Kevin Gould. Prior to founding Markit Group, Mr. Grushka’s main line of business was investing in Bulgarian property developments. He recently resigned from the board of Orchid Developments Group, an Israeli-invested company based in Sophia, Bulgaria. Messrs. Uggla and Gould formerly worked for Toronto-Dominion Bank in Canada.

The bolded phrase, that situation is the direct result of the Commodity Futures Modernization Act –designed by a Clinton Treasury official who is now Obama’s head regulator and signed by Bill Clinton in his last year, yr 2000. Markit began supplying the meltdown data in 2001.

Those three guys –wow –what a vertical ascent! –from so-so careers in Bulgaria and Canada, to pricers of the underground of the global shadow banking system, in the blink of an eye. what a story for woodward & bernstein to dig into! They could start with the DOJ file, which i’ll betcha has gotten full of crickets lately.