Banks Block Regulation of Derivatives

What a surprise. The banks want to return to business as usual and are trying to stop the overhaul of the market. This was said by Brooksley Born in an interview on Bloomberg, the CFTC Chairwoman in 1998 who warned against not regulating those derivatives. She was unfortunately sidelined by Clinton, Greenspan, Rubin and Summers.

“Special interests in the financial-services industry are beginning to advocate a return to business as usual and to argue against any need for serious reform,” Born said today as she accepted a Profile in Courage award from the John F. Kennedy Library. If changes aren’t made “we will be haunted by our failure for years to come,” she said.

Read more about that Brooksley Born and the story of a missed chance here.

Well, why would they want changes at all, they have no incentive to. In fact they have every incentive no to want any changes. They profited handsomely from this crash. Even in the face of total failure and collapse of the economy and with the prospect of the ensuing collaps of societies before us, they continue to be rewared for their utter failure. Or maybe they didn’t fail?

It looks like someone is trying very hard to destroy the US, and it’s not OBL.

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  1. Pingback: Regulatation of OTC Markets & Fed Cover Up « Zeropoint Field

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