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"The Warning" - Brooksley Born, Alan Greenspan, Larry Summers, Bob Rubin (video)

June 20, 2011 0 Comments

As chairperson of the Commodity Futures Trading Commission (CFTC) during the Clinton administration, Brooksley Born became alarmed by the lack of oversight of the secretive, multitrillion-dollar over-the-counter (OTC) derivatives market.

Chairperson Born's attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, Clinton's Treasury Secretary Robert Rubin and Rubin's Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop chairwoman Born and limit future regulation of the OTC derivatives market.

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