Personal Finance Course Biography
The derivatives market continued to grow yearly throughout both terms of George W. Bush's administration. On September 15, 2008, the bankruptcy of Lehman Brothers forced a broad recognition of a financial crisis in both the US and world capital markets. As Lehman Brothers' failure temporarily reduced financial capital's confidence, a number of newspaper articles and television programs suggested that the failure's possible causes included the conflict between the CFTC and the other regulators.[5][13]
Born declined to publicly comment on the unfolding 2008 crisis until March 2009, when she said: "The market grew so enormously, with so little oversight and regulation, that it made the financial crisis much deeper and more pervasive than it otherwise would have been."[8] She also lamented the influence of Wall Street lobbyists on the process and the refusal of regulators to discuss even modest reforms.[8]
An October 2009 Frontline documentary titled The Warning [14] described Born's thwarted efforts to regulate and bring transparency to the derivatives market, and the continuing opposition thereto. The program concluded with an excerpted interview with Born sounding another warning: "I think we will have continuing danger from these markets and that we will have repeats of the financial crisis -- may differ in details but there will be significant financial downturns and disasters attributed to this regulatory gap, over and over, until we learn from experience."[11]
In 2009 Born, along with Sheila Bair of the FDIC, was awarded the John F. Kennedy Profiles in Courage Award in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed to the current global financial crisis". According to Caroline Kennedy, "...Brooksley Born recognized that the financial security of all Americans was being put at risk by the greed, negligence and opposition of powerful and well connected interests... The catastrophic financial events of recent months have proved them [Born and Sheila Bair] right."[15] One member of the President's working group had a change of heart about Brooksley Born. SEC Chairman Arthur Levitt stated "I've come to know her as one of the most capable, dedicated, intelligent and committed public servants that I have ever come to know", adding that "I could have done much better. I could have made a difference" in response to her warnings.[16]
In 2010, a documentary film Inside Job further alleged that the crafting of derivatives regulation was flawed from the Clinton administration on. Along with fellow whistleblower, former IMF Chief Economist Raghuram Rajan, who was also aggressively rebuked by the economic establishment,[17] Brooksley Born was cited as one of the marginalized voices arguing that financial derivatives increase economic risk.[18]
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
Personal Finance Course
No comments:
Post a Comment