Derivatives: Darth Vader's Revenge Message Board

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Non-Tech : Derivatives: Darth Vader's Revenge

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To: Worswick who wrote (1067)	3/23/2002 3:49:22 PM
From: Thomas M.	Read Replies (1) of 2794

commondreams.org <<< In 1998, when Long Term Capital Management collapsed from its out-of-control derivatives speculation, three or four of the largest banks and brokerages were threatened. Brooksley Born, chair of the Commodity Futures Trading Commission, announced plans to tighten derivatives regulation as a safeguard against a larger crisis. That's not what Wall Street banks or the Chicago commodities exchange had in mind, and they swiftly buried their historic differences. Born was stomped, quite publicly, by Treasury Secretary Rubin, Fed chairman Alan Greenspan and SEC chairman Levitt. She resigned. Congress enacted the Commodity Futures Modernization Act of 2000, which, as you might expect, went in the opposite direction. Enron and other derivatives players were relieved of genuine accountability, freed to work their money-making magic in obscure financial transactions that are a danger still ticking. >>>

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