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

By: Friday February 22, 2013 11:47 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 clean” and was often “completely made up.”

 

Tough Prosecutor or Servant of Wall Street?

By: Sunday January 27, 2013 10:54 am

Mary Jo White has a history of tough prosecution and strong representation of her Wall Street clients. Tough is good.

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

By: Thursday December 8, 2011 7:01 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 without pleading the 5th Amendment, despite still being liable for criminal charges in the MF Global case.

Geithner Pries Away $30 Trillion Forex Derivative Market from Regulation

By: Saturday April 30, 2011 8:08 am

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.

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

By: Monday March 21, 2011 2:50 pm

The bank lobbyists are pushing hard for this exemption, which should tell you a lot about it. And Geithner appears to be right there with them.

Sen. Cantwell Flips, Will Support FinReg

By: Friday July 2, 2010 6:50 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. Which begs the question: why in the hell did the conference committee give Scott Brown basically everything he wanted? Because Brown’s vote is now irrelevant.

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