CFTC's Gensler(former Goldman exec) sees room to improve US swaps bills

[SpartanDem]

Obama took a lot heat from some people making the appointment, with the usual accusations that Obama had sold out, he working for Wall St., etc. But it turns out that Gensler has been one the administrations strongest voices for tougher regulation. This leads to two thoughts first that we that should judge by the job they do, not by what amounts guilt by association and second maybe Obama knew what he was doing.



The U.S. commodities regulator's chief said he would work with lawmakers to toughen
new derivatives rules recently approved by two congressional
groups, signaling he wants more products run through exchanges
and clearinghouses, and few companies exempted from clearing.

Gary Gensler, chairman of the Commodity Futures Trading
Commission, on Wednesday also repeated the need to limit
excessive speculation in energy markets to protect the
economy.

http://www.reuters.com/article/BROKER/idUSN2150981520091022






Hedge Funds Shouldn’t Get Exemptions, Gensler Says


Oct. 21 (Bloomberg) -- Hedge funds and financial firms shouldn’t be allowed to sidestep potential new laws governing the $592 trillion over-the-counter derivatives market, Gary Gensler, chairman of the Commodity Futures Trading Commission said today in Chicago.

http://www.bloomberg.com/apps/news?pid=20601087&sid=al9QbveuGIXY

[vaberella]

1. Obama took the advice of Harry Markopolos to heart.

Mr. Markopolos is the financial whistle blower against Madoff. I listened to his three hour interview and he even said. You need people who were part of the biz. You need people who were inside, who knew what was going on and who made their money and they're done with it. It's these guys who have no vested interests who will come to do the work for you. Sure some of them still have their hands in the cookie jar, and some of them helped the present disaster either inadvertently or directly. However, Obama so far hasn't picked anyoe (from my knowledge) who directly participated with this disaster, just people who have connections to those who did. Markopolos said those are the guys who can do the best job in repairing and shedding some light on what's been going on. I'm glad this legislation might be a good thing and I'm glad Obama made some sound judgements because we're seeing some payoff--even if people still take issue.

[amandabeech]

2. Gensler has been a pleasant surprise.

However, he's getting press because he is so unusual.

Obama needs to look carefully at his economic team and remove those who cannot seem to see the error of their ways and those of their buddies.

[vaberella]

3. Like who? Are you referring to Geithner?

Because from what I can see...Geithner has been basically the main one working on the present economic disaster, and from all accounts he's done pretty well. I mean even economists who were going for G-man's jugular 8 months ago, have even said that he was able stop the bleed-out and no one can deny that the economy is relatively lifting with only 13% of the economic stimulus having being spent and 58% allocated leaving, in reality 87% ready to be pushed into the economy and the latest news that Obama is going to be doing a money bomb on mainstreet.

[amandabeech]

4. Yeah, Geithner.

I don't think that his policies are going to lift the rest of us out of this morass.

As to whether the huge, no-strings bailout that he engineered while leading the NY Fed, will help with job creation outside the banks is not a known fact.

And Geithner has plenty of critics. Their names are all over DU. You choose not to read what they have to say-- well that's your business.