Goldman Vet Sparks Conflict On Hill

Barack Obama's plan to name yet another Goldman Sachs alum to his economic team is proving too much for Sen. Bernie Sanders (I-VT). Sanders put a hold on the nomination of Gary Gensler to head the Commodity Futures Trading Commission, effectively stopping the nomination process in its tracks. Sanders says Gensler, who spent 17 years at Goldman Sachs and then joined the Treasury Department under Bill Clinton, played too big a role in deregulating derivatives in the 90s' to be trusted to reregulate the market now.

Senate Majority Leader Harry Reid (D-NV), however, has told ANP that he plans "move forward" with Gensler's nomination despite Sanders' hold. To Christopher Hayes, Washington editor of The Nation Magazine, the Majority Leader's defense of Gensler and Goldman is a disturbing indication that it may be business as usual on the Hill when it comes to meaningful regulation on Wall Street.

Category:

News & Politics

Tags:

• Gary Gensler
• Harry Reid
• Senate
• Obama
• Larry Summers
• Goldman Sachs
• Treasury Department
• Neoliberal
• AIG
• Derivatives
• Credit Default Swaps
• Bernie Sanders
• Robert Rubin
• Wall Street

[medliberty]

The looting of the American public continues, no change from Bush. By now, it should be very transparent to all.

[tobiasaurusrex]

A nation of the banks, by the banks, and for the banks. In Rothschild we trust.

[Immy1993]

two party system is forcing us to elect between robbers and thieves...some are slick and some are morons but both continue to steal public funds....

[tajlee1]

What happened to "Change we can believe in?" Unbelievable! From warrant-less wire tapping to this, it's more of the same, only more articulate and slick.

[WarDogLRS]

Time to get a Rope

[groovyvegan]

Here is the letter I wrote to my Senators. If you agree that Gensler's nomination must be blocked, I recommend you do too:

Please join Sen. Bernie Sanders in blocking the nomination of Goldman Sachs alum Gary Gensler for head of the Commodities Futures Trading Commision. Gensler was a major player in deregulating credit default swaps. Credit default swaps are the financial instrument at the heart of the AIG debacle and of much of the finacial havoc in the U.S. economy. [Link to this video]

[wwickeddogg]

Everyone underestimates how convincing these guys are. How did they get where they are now? By being smooth, super informed, and very convincing.

[dixon36]

Right on brother. But how funny is this getting? Its gonna get ugly, but this nomination makes me smile.

[kileer71]

"... and now they're coming for your Social Security money. They want your fuckin' retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They'll get it ... they'll get it all from you sooner or later because they own this fuckin' place. It's a big club and you ain't in it. You and I are not in The big club." - George Carlin