Posted by Charleston Voice, 05.12.12
Gensler the Great Obfuscator is a phoney and liar, and congress lets him go on covering up the crimes of his co-conspirators.
Tuesday, May 15, 2012
The Commodity Futures Trading Commission
(CFTC) has been told by Congress to do more with less, taking on the
responsibility of regulating the multi-trillion-dollar swaps market
while having its funding frozen at an inadequate level, according to the
agency.
In addition to overseeing the trading of futures, the CFTC must
keep tabs of the $300 trillion market for swaps. Market swaps are
complicated loan exchanges in which borrowers “swap” different types of
loans, such as fixed rate loans and floating rate loans. Each party in
the swap is hoping that the loan he has gotten has an advantage (i.e.,
creating capital losses to avoid taxes).
To watch over all this, the agency has to get by with a budget of a little more than $200 million.
CFTC Chairman Gary Gensler said that at this level, his agency can employ 710 staffers, which is only slightly larger than its team during the 1990s.
Gensler has told lawmakers the CFTC needs another $102 million to properly do its job.
A group of consumer and public interest groups wrote to Congress recently urging it to increase funding for the CFTC.
“Failing to provide the additional $102 million requested in the
President’s budget to enable proper supervision of hundreds of trillions
of dollars in derivatives and commodity markets would not save money,”
the letter
reads. “It would instead protect a broken and dangerous status quo,
undermine effective oversight of our financial markets, and leave our
economy at risk.”
-Noel Brinkerhoff
To Learn More:
Will Congress Spare $100 Million to Oversee $300 TRILLION Swaps Market? (by Michael Smallberg, Project on Government Oversight)
See also ZeroHedge article: Watch Live As A Recusing Gary Gensler Tries To Explain Why The CFTC Failed Massively In Its MF Global Oversight
Source
See also ZeroHedge article: Watch Live As A Recusing Gary Gensler Tries To Explain Why The CFTC Failed Massively In Its MF Global Oversight
Source
