CFTC Chairman: LIBOR Still “Not Clean” Was Often “Completely Made Up”

By: Friday February 22, 2013 10:42 am

Gary Gensler, the head of the Commodities Future Trading Commission (CFTC), has made a pretty depressing admission to the BBC. During an interview on one of the greater financial scandals in modern times, the rigging of the London Interbank Offered Rate (LIBOR), Chairman Gensler submitted that the global benchmark for interest rates is still “not [...]

Senate Banking Committee Holds First Round of Hearings on Fail Whale Trades

By: Wednesday May 23, 2012 8:58 am

Federal regulators maintained at a Senate Banking Committee hearing yesterday that investigations against JPMorgan Chase were ongoing, but that several factors, especially the funding of their agencies, would hamper their efforts. This was the first confirmation by the heads of the Commodity Futures Trading Commission and the Securities and Exchange Commission, Gary Gensler and Mary [...]

Corzine on MF Global Depositor Funds: “I simply do not know where the money is”

By: Thursday December 8, 2011 6:55 am

Former Senator Jon Corzine faces a House Agriculture Committee panel today, where he will testify that he doesn’t know “where the money is” from customer accounts that was used by his former company, MF Global, to trade on the company account. Joe Weisenthal points us in the direction of Corzine’s testimony, which he will give [...]

Revolving Door Watch: Goldman Alums on Opposite Sides of Regulatory Inquiry

By: Monday November 7, 2011 2:22 pm

The Jon Corzine MF Global case looks pretty cut and dried. Corzine, who has resigned as chairman and CEO of the firm, presided over the company when they went bankrupt and as they used reportedly hundreds of millions in customer funds to make bets on their own account, in violation of federal statutes. He has [...]

Geithner Pries Away $30 Trillion ForEx Derivative Market from Regulation

By: Saturday April 30, 2011 7:53 am

Zach Carter reports on a blow to efforts to regulate the runaway derivatives market. Just as most derivatives are set to be put onto clearinghouses, Treasury Secretary Timothy Geithner exempted a large group of derivatives, foreign currency swaps, from the regulations. The Treasury Department plans to exempt foreign exchange derivatives from new Wall Street reform [...]

Geithner Poised to Gut New Derivatives Rules with Foreign Exchange Swaps Exemption

By: Monday March 21, 2011 12:12 pm

I’ve said for many months now that Dodd-Frank was not a bill, but a promise to write a bill later. The implementation process lay ahead, and that meant that regulators would have the ability to interpret the will of the Congress. Congress gave them this power very willingly – there are dozens of studies and [...]

Flash Crash Panel Recommends Financial Transaction Tax

By: Monday February 21, 2011 6:31 am

It would have been easy to miss this the past few days, given everything going on. But are you aware that a panel of experts basically said regulators should consider a financial transaction tax, as the only way to stop another “flash crash” caused in part by high-frequency trading? Regulators should stem the growing tide [...]

Cantwell Flips, Will Support FinReg

By: Friday July 2, 2010 5:30 am

Last night, Maria Cantwell announced her support of the Dodd Frank financial reform bill, citing a letter from Commodity Futures Trading Commission chief Gary Gensler ensuring her that the derivatives title will be rigorously enforced. In the letter, Gensler says that the legislation, in his view, mandates clearing and exchange trading for “standardized over-the-counter derivatives” [...]

New Dems, NY Reps Wage All-Out Assault on Derivatives Reform

By: Wednesday June 16, 2010 10:00 am

Derivatives won’t officially come up in the Wall Street reform conference committee until next week. But we’re already seeing a lot of behind-the-scenes work. Blanche Lincoln, that tireless slayer of Wall Street dragons, has already softened her Section 716 reform to spin-off the lucrative swaps trading desk. Not everyone is totally worried by these changes; [...]

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