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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (117182)12/8/2008 2:18:53 PM
From: GuinnessGuy  Read Replies (1) | Respond to of 132070
 
M2,

you wrote-
"
In 1998 Brooksley Born head of CFTC argued for the regulation of SWAPS - Rubin & Greenspan opposed regulation.

I'm curious, does having a clearing house for these kinds of things constitute regulation? I wouldn't think so, yet there was none, which is really gumming up the works since many don't know who owes them money - or so I've heard.

Can anyone in the know add anything to what potential havoc exists simply because there is no clearing house for these instruments?

craig



To: Mike M2 who wrote (117182)12/9/2008 11:31:29 AM
From: Knighty Tin1 Recommendation  Read Replies (2) | Respond to of 132070
 
they were wrong to argue against regulation. However, the capital of a bank is already regulated. Yet nobody stepped in when they saw all this crap on the books. And why did some banks escape the trap?


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