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He waged public battles against regulators who correctly argued for regulating derivatives and disparaged the comments of a prominent economist who early on identified risks in the too-big-to-fail banking system.
He opposed regulating derivatives because they spread the risk and made cheap credit more widely available.
The second case cited against Summers is his hesitancy about regulating derivatives.
Undeterred, Mr. Gensler made the case for regulating derivatives trading overseas.
CONGRESS began the work of reforming our troubled financial system last week, and a bill aimed at regulating derivatives passed the House Financial Services Committee on Thursday.
Arthur Levitt Jr., a former chairman of the Securities and Exchange Commission, says Mr. Greenspan opposes regulating derivatives because of a fundamental disdain for government.
Similar(38)
And those three officials, Summers, Rubin and Greenspan, came together not merely to shut her down and to stop her from regulating derivative securities, but then they went ahead and got a law passed [laughs] that made it impossible.
Some lawmakers in the House and Senate have already introduced measures to regulate derivatives.
Bill Clinton recently said that he regrets not having tried to regulate derivatives.
In general, the administration's plan to regulate derivatives is serious and far-reaching.
More important than the ongoing effort to regulate derivatives.
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