Commodity options and futures trading act of 2000 voting record


But essentially, what happened is inin the spring of that year, Brooksley Born, who was then the chairwoman of the Commodity Futures Trading Commission, began to get increasingly worried about this market that was increasing best trading companies for penny stocks size and that was utterly unregulated by any government - derivatives, basically. It was a clash of Wall Street and the legal world Brooksley Born was from. And then in the subsequent months, what happened was the President's Working Group met again in November '99 and agreed commodity options and futures trading act of 2000 voting record credit default swaps should go largely unregulated.

I mean, this was the kind of market they wanted to create. And that was influential in helping to pass the Commodity Futures Modernization Act a little over a year later, in late There was, during this period, you know, from on up until the crash, a sense that this was helping everyone manage risk better. I mean, it was very interesting. I mean, it was stuck in the middle of this 10,page authorization bill, and it happened very quickly.

The point is that no one had any sense of systemic risk, which we've now learned, you know, is really the culprit - that the whole market could simply collapse all at once, and that's precisely what happened. Accuracy and availability may vary. I mean, it was very interesting.

And she was really a Cassandra-like voice at the time. Summers, who had replaced Rubin, did give testimony in which he said very plainly that he thought swaps should be largely unregulated as derivatives. And AIG had the notion that it could sell these to everybody without hedging itself because somehow it would never all collapse at once.

Thank you very much. And that is the main claim that's made by those who were for deregulation, or lack of regulation at the time is that, you know, it was impossible to see this coming. Facebook Twitter Flipboard Email. Melissa Block talks with Michael Hirsh, senior editor at Newsweek talks about how the Commodity Futures Modernization Act of was passed to keep financial derivatives, including credit default swaps, unregulated. This week, a guest on the program, lawyer John Martini, said the party ultimately responsible for this financial mess is Congress.

She was a lawyer through and through, and she was concerned that there simply wasn't a legal framework in place, whereas people like Rubin and Greenspan were, you know, much more creatures of Wall Street. Well, it was much smaller, much, much smaller. We're going to hear more now about the effects of that law, the Commodity Futures Modernization Act, and the players behind it.

This week, a guest on the program, lawyer John Martini, said the party ultimately responsible for this financial mess is Congress. She was predicting that, look, really bad things could happen here if we're not paying attention. Why don't you talk about this period leading up to the passage of this law inand what was going on at commodity options and futures trading act of 2000 voting record time with the derivatives market? Summers, who had replaced Rubin, did give testimony in which he said very plainly that he thought swaps should be largely unregulated as derivatives.

And they quashed it, in effect. And that was influential in helping to pass the Commodity Futures Modernization Act a little over a year later, in late The point is that no one had any sense of systemic risk, which we've now commodity options and futures trading act of 2000 voting record, you know, is really the culprit - that the whole market could simply collapse all at once, and that's precisely what happened. It was dispersing risk. They were seen by those who bought them as a hedge against, you know, a downturn in these markets.

It was a clash of Wall Street and the legal world Brooksley Born was from. Thanks for coming in. And that was influential in helping to pass the Commodity Futures Modernization Act a little over a year later, in late The Commodity Futures Trading Commission failed to rein in the derivatives market.

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