“Great Frontline last nite: How Wall St heist began w/ Rubin/Summers shutting down the woman who tried to stop them” - Michael Moore
watch it in it’s entirety above.
This is excellent. An excerpt of the transcript:
MICHAEL KIRK: [Commodity Futures Trading Commission chairperson Brooksley] Born believed the lack of transparency left the [over the counter derivatives] market open to fraud.
Joe Nocera’s a reporter with the New York Times. He says fraud came up during Born’s first meeting with the Chairman of the Federal Reserve, Alan Greenspan.
JOE NOCERA: He said something to the effect that, “Well, Brooksley, we are never going to agree on fraud. You probably think there should be rules against it.” And she said, “Well, yes, I do.” He said, “You know, I think the market will figure it out and take care of the fraudsters.”
Instead of taking the hint, Born began investigating. She immediately ran up against opposition from the president’s Working Group on financial markets. She even got an angry call from Larry Summers, the Deputy Treasury Secretary.
BORN: They were totally opposed to it. That puzzled me. You know, what was it that was in this market that had to be hidden? So, it made me very suspicious and troubled.
Summers, his boss at the Treasury Robert Rubin, and Alan Greenspan were big believers in letting the markets look after themselves.
…And we all know how well that worked out. Damn you, Ayn Rand!
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