23 March 2009

Bernie Sanders Blocks Gensler as CFTC Chairman

I wholeheartedly approve of the distinguished gentleman's decision to place a hold on the nomination of Gary Gensler to be chairman of the Commodity Futures Trading Commission.

Gensler (along with Geithner and Summers, but those guys are water under the bridge) fought long and hard for the Commodity Futures Modernization Act of 2000, first as Assistant Secretary of the Treasury, and then as Undersecretary of the Treasury, which deregulated derivatives and swaps, and is one of the architects of the current meltdown, and Sanders is 100% correct in objecting to his having a any role in further regulation of derivatives.

Then there is also the matter of his brother being hip deep in Wall Street too, running a fund for T. Rowe Price, and Gary Gensler himself is another Goldman Sachs alum.

Enough is enough. We need people who aren't the ones who created the problem in the first place in charge of policing those who were.

Un-dirtyword-believable, and good for Sanders to stand up for a semblance of competence and honesty in Barack Obama's economic team.


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