Goldman Sachs Vet Sparks Conflict On Hill

Run time: 03:31 https://www.youtube.com/watch?v=I3DM5JNfPhQ   Posted on YouTube: April 02, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: April 03, 2009 By DU Member: balantz Views on DU: 1243

 
"Barack Obama's plan to name yet another Goldman Sachs alum to his economic team is proving too much for Sen. Bernie Sanders (I-VT). Sanders put a hold on the nomination of Gary Gensler to head the Commodity Futures Trading Commission, effectively stopping the nomination process in its tracks. Sanders says Gensler, who spent 17 years at Goldman Sachs and then joined the Treasury Department under Bill Clinton, played too big a role in deregulating derivatives in the 90s' to be trusted to reregulate the market now.

Senate Majority Leader Harry Reid (D-NV), however, has told ANP that he plans "move forward" with Gensler's nomination despite Sanders' hold. To Christopher Hayes, Washington editor of The Nation Magazine, the Majority Leader's defense of Gensler and Goldman is a disturbing indication that it may be business as usual on the Hill when it comes to meaningful regulation on Wall Street."

Unfortunately the new boss isn't much different than the old boss.

Corporate politics is alive and well in DC. Where's the change I voted for? :shrug:

K & R.

You guys just needed a leader to rally around. Let the belly aching begin!

Not at the Dept of Treasury.

The entire Credit Default Swap market is an exercise in fraud. AIG had no capital to back up these swaps in the event they defaulted. They wrote contracts to pay for something they never had the ability to pay for. This is the most basic definition of fraud.

And Gensler is one of the primary architects of this scam.

Why not just nominate Bernie Madoff for a spot at Treasury?

"If you look at "WHO" was holding the majority of "SHORT" derivative positions on the domestic and international stock index markets prior to 911, and then reaped over a trillion dollars in profits within weeks from the ensuing collapse of those physical markets, you will find in that group who was responsible for 911. There is one problem in finding this out. That being, government controls the release of that information by and through the Federal agencies of the SEC Securities Exchange Commission and CFTC Commodities Futures Trading Commission."