The Banksters who Stole Uncounted Trillions Should PUT IT BACK.

[sabrina 1]

34. 'The Woman Greenspan, Rubin and Summers Silenced'

The Woman Greenspan, Rubin and Summers Silencced

In 1997, Brooksley Born warned in congressional testimony that unregulated trading in derivatives could "threaten our regulated markets or, indeed, our economy without any federal agency knowing about it." Born called for greater transparency--disclosure of trades and reserves as a buffer against losses.

Instead of heeding this oracle's warnings, Greenspan, Rubin & Summers rushed to silence her. As the Times story reveals, Born's wise warnings "incited fierce opposition" from Greenspan and Rubin who "concluded that merely discussing new rules threatened the derivatives market." Greenspan deployed condescension and told Born she didn't know what she doing and she'd cause a financial crisis. (A senior Commission director who worked with Born suggests that Greenspan and the guys didn't like her independence. " Brooksley was this woman who was not playing tennis with these guys and not having lunch with these guys. There was a little bit of the feeling that this woman was not of Wall Street.&quot

In early 1998, according to the Times story, one of the guys, Larry Summers, called Born to "chastise her for taking steps he said would lead to a financial crisis. But Born kept at it, unwilling to let arrogant men undermine her good judgment. But it got tougher out there. In June 1998, Greenspan, Rubin and the then head of the SEC, Arthur Levitt, Jr., called on Congress "to prevent Ms. Born from acting until more senior regulators developed their own recommendations." (Levitt now says he regrets that decision.) Months later, the huge hedge fund Long Term Capital Management nearly collapsed--confirming some of Born's warnings. (Bets on derivatives were a key reason.)

"Despite that event," the Times reports, " Congress (apparently as a result of Greenspan & Summer's urging, influence-peddling and pressure) "froze" Born's Commissions' regulatory authority. The next year, Born left as head of the Commission.Born did not talk to the Times for their article.

And as we all know, she was correct. Were they just stupid, or did they KNOW she was right but saw the potential for all that corrupt money going down the drain if the truth was revealed?

I don't know which would be worse in terms of the American people. If it is the former, then the PROOF of their devastating ignorance should have precluded them from ever again being allowed anywhere near any position of power.

If the latter, and I'm sure they would deny that (Greenspan eg, and Levitt have both said, too late, they regret their decisions) then they are con artists of the highest order and should be sitting in jail somewhere. Either way, these men do not belong in positions where they can influence decisions in this country. Yet, they are still viewed as 'brilliant' by some.

Yes, get the money back a it was stolen by greedy manipulating, arrogant, possibly criminal people who have yet to pay any price for the suffering they have caused, around the world.