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Watch Live As A Recusing Gary Gensler Tries To Explain Why The CFTC Failed Massively In Its MF Global Oversight
Nothing like watching one Goldmanite explaining why he failed to prevent another Goldmanite from (allegedly) stealing hundreds of millions in customer accounts. Linked below is the live hearing by the "Continuing Oversight of the Wall Street Reform and Consumer Protection Act" in which Schapiro and Gensler are held to account for their epic failure with MF Global oversight.
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Gensler: On many occasions, I heard these little voices in my balding noggin. Frankly, I just discarded these warnings as a side effect to job stress.
Just this guys picture was qualification enough to get him a top spot at the Vampire Squid!
this is all part of the show to keep us 99%ers entertained!
This guy is completely useless as a regulator. He's nothing more than a corporate sychophant apologist. He has failed and needs to be fired immediately.
Put him jail.
libertarian86.blogspot.com
What is this BULLSHIT about putting Hon in front of BOTH their namse? There's NOTHING honorable about either of these lying thieving treasonous JEW assholes. Hang them both. Ummmmmm, they're LYING???? I'm sick of watching scum like this walk away and make millions in bribes. Off them both.
Yea WTF makes any of these pieces of shit 'Honourable'? What a bunch of bullshit, these people all need the shit kicked out of them!
Why good sir, have you no respect for these offices of public service? And the Rule of Law?
What do you think of Peter Schiff, a JEW?
Judge people by their actions, not their background.
If Gary Gensler cannot participate in this case because he used to work for Goldman Sucks then he should not have taken the CFTC chairman job as that conflicts with his past job of been a banker.
(AFP) – 5 hours ago
PARIS — France successfully raised 4.346 billion euros in new middle and long-term bonds on Thursday, with lower yields on 10 and 15-year bonds but slightly higher rates on 30-year bonds.
The interest France pays on its debt also fell on the secondary market, while German yields remained stable, so the spread between French bonds and the bund -- an indicator followed keenly by President Nicolas Sarkozy's government as a sign of market confidence -- narrowed significantly.
The bond issue was the last of the year for France and went better than expected, after a period in which France's triple-A rated debt has been given a rough ride by the markets.
Each new French issue was oversubscribed by a factor of between two and four, and on the secondary market the interest rate on French bonds fell to 3.103 percent from 3.38 at Wednesday's close.
France raised 595 million euros in bonds due to mature of October 25, 2017 at a rate of 2.42 percent.
Longer term, it raised 1.571 billion euros in bonds to mature on October 25, 2021 at a rate of 3.18 percent, down from 3.22 percent in the last comparable auction last month.
A further 1.1 billion euros will mature on April 25, 2026, with an interest rate of 3.65 percent, down from 3.77 last month.
And France will pay 3.94 percent on 1.08 billion in long-term bonds to mature on April 25, 2041 -- up from the 3.72 percent paid for the last 30-year issue in September.
Sarkozy is due to make a major economic speech Thursday designed to reassure voters and markets that he is on top of the eurozone debt crisis.
They're all soooo polite. So nice to each other. Just once I'd like to see someone go postal at one of these things. They're all so good at holding it in. How can people go on and on like this this without at least laughing?
would you please lose the annoying animated avatar?
I can't help but chuckle at Goldman Sachs. These guys are smooth criminals and they know it but don't give a damn. I watched a few minutes of this and Gensler pretty much said how unregulated they are and then laughed about it pretty much throwing the issue in the oversight boards face. Our nations political system is WEAK! Some of our great presidents would be turning over in there grave but thats probably impossible because Goldman sachs has probably wrote a Credit Default Swap on the probability of the metal of the coffin rusting than seizing the coffin and land space of the burial plot as collateral.
Weak? LOL Why it's so strong, "it" can do whatever "it" wants. If you think more power is going to solve anything, well friend, let's just say your life is to be filled with massive disappointment. From every direction, too, as there is no end to the power needed to control power.
No, the solution is to disempower these criminals. Take away their power, and they are no different than you and I. Give them more power, and they will only kill us all.
"he is exactly who we thought he was"...
gensler is a fuckin banked owned weasel...if ur watchin this shit u gotta know this...
fuckin doin his best Scooby Doo impression...
AINT SHIT GONNA CHANGE UNTIL ONE OF THESE BANK OWNED BITCHES GET SOME STITCHES...
PERIOD
Max is not that oil goes away its that "CHEAP" oil is no longer available as its that peskey supply and demand thing. If oil was easy to get we would not have to have oil rigs x amount off the coast at a cost of Hundreds of millions of dollars. Peak oil is only peak in the cost of chep oil.
mmm does that help
WSJ 12/1/11
More than $1 billion of client money is still missing at failed brokerage MF Global, according to the bankruptcy trustee's latest estimate. At Thursday's hearing of the Senate Agriculture Committee, the company's principal regulator will try to explain how his agency failed to provide the most basic protection for financial consumers.
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), has a lot of explaining to do. Segregating customer money—protecting client accounts from being raided by an unscrupulous broker—is even more important in the futures industry than it is in other markets.
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Associated Press
Gary Gensler
In the world of stocks and bonds regulated by the Securities and Exchange Commission, it's terrible when client funds go missing, but at least the average investor has a backstop in the Securities Investor Protection Corp., which provides insurance up to $500,000. There is nothing like it in the futures industry, so if they do nothing else CFTC regulators have to make sure that nobody is digging into the customer cookie jar.
It's still not clear in this case whose hands dipped into customer funds or why, but it's hard to imagine a financial firm raising more red flags than MF Global did under former Chairman and CEO Jon Corzine. A former New Jersey Senator and Governor, he took the top job at MF Global in March of 2010, four months before enactment of the Dodd-Frank financial reform law. The former Goldman Sachs chief had been out of the Wall Street game for a decade while he pursued his political ambitions, but MF Global shares rallied on the news of his hiring.
In a research note, Sandler O'Neill Partners wrote of Mr. Corzine: "We suspect that his contacts in Washington could prove useful as MF Global navigates a shifting regulatory environment." Those "contacts" included Mr. Gensler, a onetime colleague of Mr. Corzine at Goldman. In previous Beltway stints, the duo had helped to write the 2002 Sarbanes-Oxley law that was also supposed to protect investors.
While Mr. Gensler's CFTC was MF Global's primary regulator, the company also wanted to do business with the Federal Reserve Bank of New York, run by another Goldman alum, William Dudley. A year before Mr. Corzine's arrival, the New York Fed had considered designating MF Global as one of its prestigious primary dealers, but it decided not to.
Did MF Global benefit from Mr. Corzine's contacts? Let's review the record. In May 2010, on his first conference call with analysts, Mr. Corzine made clear he wanted to take big risks. "As he seeks to realign the brokerage, Corzine said MF Global will begin taking principal risk across most of its product lines," reported Dow Jones. In other words, MF would increasingly bet its own capital, instead of simply servicing clients.
MF Global created a new proprietary trading desk and hired a onetime employee of George Soros's hedge fund to run it. And Mr. Corzine began making the bets on European sovereign debt that would total $6.3 billion and eventually wreck the business.
MF Global's new trading frenzy might have attracted even more attention if Mr. Corzine hadn't hidden his biggest bets. His purchases of European government bonds added up to several times MF Global's entire market cap. But by using a "repo-to-maturity" technique, he was able to consider them "sold" for accounting purposes and therefore they disappeared from MF Global's balance sheet.
Except they hadn't really been sold. They were used as collateral to borrow money, and if the value of the bonds declined, MF Global would have to post additional collateral. How much more? Markets eventually decided that it was enough to destroy the company, and MF Global's funding dried up.
Keep in mind that both Dodd-Frank and Sarbanes-Oxley, written by Mr. Gensler and others, were supposed to protect investors from such shoddy disclosure. In any event, even the numbers Mr. Corzine was disclosing were terrible. In November 2010, MF Global announced its sixth loss in its last seven quarters. In February 2011 the company reported more losses.
Yet just before the announcement of another bad quarter came news in February 2011 that the New York Fed had changed its mind and bestowed upon MF Global the coveted title of primary dealer. The New York Fed doesn't publicly discuss such decisions, but a source with knowledge of the process says that it sometimes takes several years for a firm to gain acceptance. We hope Congress investigates both the decision and its curious timing.
***MF Global customers are still waiting to be made whole, but the larger importance of this story relates to the effectiveness of the Dodd-Frank, Sarbanes-Oxley regulatory model. Americans have been told that, in response to the 2008 financial crisis that regulators failed to predict or prevent, regulators needed to have vast new powers to prevent the next crisis. But in MF Global the regulators failed the law's first serious test.
MF Global also shows how this new era of regulatory power puts a premium on political connections. Mr. Corzine was named CEO of the company in part—maybe in substantial part—because he had close ties to regulators and could help MF Global navigate the many new rules. This is the new financial crony capitalism, and it also failed its first test. The mistake is to believe in regulator prescience, as opposed to simpler, straightforward rules on, say, leverage or capital.
Mr. Gensler, for his part, has a response to the cronyism charge. Since the firm went bankrupt he has announced that he will recuse himself from issues affecting MF Global. Now?
Congressman Randy Neugebauer sent a letter to Mr. Gensler this week, and Wednesday night Senator Richard Shelby contacted the CFTC's inspector general seeking an answer to the question of how and when Mr. Gensler decided that recusal was appropriate. This is another answer Mr. Gensler should bring to today's hearing.
This POS recuses himself? Then wtf is he doing in this job? Oh, taking bribes. Is that in the job description? He should be recused and fired with a cap in his shiney bulbous noggin. Bring in Cockzine for a bagel party and everyone can sing songs and hug each other.
They've learned not to take bribes directly....nowadays it's a wink and a nod with an unspoken promise of cushy jobs for life in the private sector with huge salaries and little responsibilities after leaving Government service. Scratch my back and I'll scratch yours later.
Yup, the system is totally broken.
Question: if this can happen to the 6th largest brokerage, why can't it happen to the 7th, 8th, 9th, and 10th?
"the Securities Investor Protection Corp., which provides insurance up to $500,000. There is nothing like it in the futures industry"
Paper and letters and blah blah blah DON'T WORK!!! If you want to get your point across, get off your ass, walk across the room and beat the living shit out of both these Jew lying treasoous ASSHOLES!!!
So, a women is in her Doctor's office and asks " is it possible to get pregnant from anal sex?'. The Doctor responds " of course it is, where do you think Goldman Execs come from?".
That's for you Gensler.
He looks like Blankfein's exclusive fluffer.
Fucktard. Keep sucking Gensler you corrupt cunt.
Why the hell are they holding an MFGlobal oversight hearing and NOT having Corzine present?!!??!!
It's a fucking circus! That's why. If you expect justice WAKE UP, it ain't coming and it ain't ever coming. It died with the Patriot act.
Evasive little weasel.....
Is there a link to the live feed?
Never mind, I had to switch browsers.
Is it still going? I'm having trouble getting the video.
His prepared testimony used the word "swap" 40 times. Until they define what a swap is, there will no position limits. Delay, delay, delay in bureaucratese.
http://www.futuresmag.com/News/2011/12/Pages/Gensler-updates-Senate-ag-committee-on-DoddFrank.aspx?page=1
hold hearings kick the can hold hearings kick the can..write a report that will be withheld from the publc "barret report look it up"..
retire and live in wealth and comfort..ahhh they got it made.
"(allegedly) stealing hundreds of millions"
Good use of allegedly. It was actually billion + with a B.
"Schapiro and Gensler are held to account for their epic failure with MF Global oversight."
Really?!?!?! You mean they arrived in their limos and then got shackled and hanged by the neck until dead? I coulda swore they left in their limos...did I miss something?
So will anybody in the FBI or the attorney general office ever notice that a goldmanite has been closely involved in every major financial fraud or crime in the last five years?
No of course not. They are too busy sending fake updates without a warrant in order to get into people's computers.
Of course most of us here are too smart to click on an "update" that arrives in the email.
I suppose it is also legal for the government to pose as a bonafide existing business and use their good name in an attempt to dupe people into downloading.spyware.
I am probably the last one here to believe that the government engages in extensive spying on USA citizens. I thought we had this thing called the constitution. Oops...my bad.
How else do I explain this nifty little trojan that came in my email in the guise of an "update" that my antivirus cant detect.
Funny how my antivirus cant detect it. I am passing around samples to friends. I know it is a trojan. Major application providers such as google etc do not send updates through the email.
When you receive "updates" by email to itunes, google, etc be sure to save it before you delete the email. This new class of government sponsored sophisticated trojans are worth money.
Give the "Villiage Idiot" some tap-shoes. What a dork. Proof Positive that the US financial markets are corrupt thru-n-thru!
No competence, no problem.
What is the difference between Gary Gensler and a lying, stealing sack of shit?
The spelling.
It seems like we're back in the middle of Jew-lie.
listening right now. The minute I hear "Frank Dodd"... this thing lost all integrity. I think Bernanke should be grilling Gensler.
WTF is the Ag, Nutrition and Forestry committee?