'60 Minutes' reports Credit Default Swaps legalized by the Commodities Futures Modernization act

[JohnWxy]

But they were afraid to mention that the CFMA was slipped in as a rider to the Omnibus Spending bill 2000, by one Phil Gramm. Gramm tried to get this bill passed twice before but it didn't make it. So then he slipped it under the Onibus Spending Bill which HAD to be passed.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x46775

The report at least pointed out that individuals or entities which bought CDSs covering securities they did not own were just gambling. It was a side bet. This was against the law until the CFMA was passed.


thank Republicans and Phil Gramm in particular for the wonders of Deregulation! - click to see!

[no_hypocrisy]

1. Was Phil Gram the author and sponor of that bill?

[JohnWxy]

2. actually, it was written by Wall Street lawyers and Phil Gramm's wife.

He was the sponsor. (there was another Rep Senator who sponsored it once , I think he's from Indiana) more here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=108x133939

here's a great article from Mother JOnes: Foreclosure Phil

Phil Gramm's wife was on the Commodities Futures Trading Commission when she helped get the bill written. Several weeks after passage of the CFMA - she joined Enron's board of directors. Republicans are just brimming over with a passion for public service!

Of course NONE of this passes the lips of anybody in the corporate media. Wouldn't want to stop dis-informing the public. We might catch on to what the fucks been going on. Better we stay confused, right?

[no_hypocrisy]

3. Wendy.