26.02.2009 - Swaps need regulation after bank losses, Gensler says
From Bloomberg: Gary Gensler, the nominee to head the Commodity Futures Trading Commission, is dogged by a decade- old debate with former Chairman Brooksley Born over whether to regulate private derivative contracts blamed in part for $1 trillion in global bank losses. The Baltimore native, then working for Treasury Secretary Robert Rubin, was on the side that opposed oversight by the CFTC, the watchdog for $5 trillion in commodity and financial futures. .... Full Article: Source