Thursday, April 09, 2009

Born Free

Brooksley Born was Chairwoman of the Commodities Futures Trading Commission (CFTC) from 1996 to 1998. She is a lawyer and previously worked at the politically connected liberal Democrat Washington law firm of Arnold and Porter so it must have come as a shock when the President who appointed her had to replace her due to a severe case of excessive honesty and integrity.

On April 21st 1998 Brooksley Born was at the Treasury Department presidential working group with Secretary Robert Rubin former CEO of Goldman Sachs, his top Deputy Secretary Larry Summers and Federal Reserve Chairman Alan Greenspan. She courageously stood her ground and attempted to stop the current real estate mortgage crisis by suggesting the CFTC reign in the financial derivative market in general and Credit Default Swaps (CDS) in particular.

As I have explained previously, a CDS is a hybrid between a derivative and insurance. A derivative is a bet on the future value of gold, oil, a bond or some other commodity or financial instrument. A CDS is similar to insurance in that you have to make payments to continue your coverage.

I believe that Wall Street needed to sell Convertible Default Swaps in order to knowingly peddle worthless real estate backed bonds. AIG has taken in 180 billion dollars in subsidies from American taxpayers in less than six months. That is a billion dollars a day. And still the Congress, the President and the current CFTC have not moved one inch closer to regulating CDS even though complaints have been made on the President's recent European tour.

At that April 21st 1998 meeting Treasury Secretary Robert Rubin, a billionaire, told Brooksley Born that she could not regulate Credit Default Swaps because the CFTC had no jurisdiction. She rightly thought that was a bizarre argument and proceeded to put out a request for comments on her proposal to regulate CDS which could have saved us at least in part from our present calamity.

On May 7th Brooksley Born went ahead with her proposal to regulate Credit Default Swaps by officially requesting comments drom the general public. Within hours Alan Greenspan and Robert Rubin were joined by Arthur Levitt, the former SEC Chairman, in denouncing her attempt to regulate CDS. They even proposed that a law be passed to stop her from doing what she considered to be her duty as a financial regulator which was to protect Americans from a massive and systematic fraud.

On July 24th President Clinton publicly announced Brooksley Born's replacement at CFTC who took office 7 days later on July 31, 1998.

In the following year the Glass Steagall Act was repealed by a vote of 362 to 57 in the House and 90 to 8 on the Senate with the active support of Bill Clinton, Robert Rubin and Larry Summers. During the Great Depression, the Pecora Commission was conducted to learn what we could to prevent suffering another such brutal economic and social hardship. One lesson learned was that we should completely sever commercial banking from investment banks. That Depression era experience which came at a steep price was distilled into the Glass Steagall Act.

The House, the Senate, the President all supported banning any regulation of Credit Default Swaps and the repeal of the Glass Steagall Act. The FBI warned the nation and the Department of Justice in September of 2004 that we were facing a fraud in mortgage backed securities that could dwarf the Savings and Loan debacle of the 1980s.

We can only conclude that it was by design that trillions of dollars were stolen by Wall Street . And we must also conclude that the Bailouts are rewarding uncommon criminals with additional trillions of taxpayer dollars. All Bailouts under Presidents Bush and Obama are in violation of a federal law known as the Prompt Corrective Action Law. It is a violation of that law passed during the Savings and Loan crisis in 1991 to allow a bankrupt bank to continue to operate. Those banks should have been closed, their toxic assets seized and sold.

Both political parties and two administrations have conspired together to transfer every last dollar of our savings and pensions to Wall Street for campaign cash and favorable coverage in the corporate media. If this situation is allowed to continue, we will all soon be penniless. And that too we must conclude is by Wall Street's design.

It would be negligent not to mention that Alan Greenspan, Larry Summers, Robert Rubin, Arthur Levitt, Tim Geithner, Henry Paulson and Ben Bernanke are all Jewish and that Brooksley Born is not.

However, if you look at the references below, you will see an article by Glenn Greenwald who excoriates our uncommon criminals from Wall Street. You will also see an article by Nikki Alexander denouncing our debt money fractional reserve banking system (i. e. the Federal Reserve Bank) as un-American and and toxic. I have long held that the Jewish leadership is self-appointed, does great harm to Jewish people and is completely insane and self-destructive. There are tens of millions of Jewish people in America who will have no place to go if those Jewish leaders are allowed to finish destroying the United States of America.

A Jewish friend of mine who opposed Zionism once asked, “Who elected you Jewish leader? What was the vote, who counted it and when did it take place?”

In conclusion I feel compelled to say what I have said before:

“I was born a free man. I will die a free man.”



References:

I have been using titles from movies and books of late. If you have never heard the song Born Free which is the title song from the movie of the same name, please go here. Please note that Youtube is becoming unusable.

http://www.blinkx.com/video/born-free/Y9F2D8XUNHhCQWuPhXivFg

To read a Jewish view on reforming our debt money system please read Nikki Alexander's article at Tikkun here:

http://www.tikkun.org/article.php/20090402223353928

PBS video - interview with Bill Black on banking fraud

http://www.pbs.org/moyers/journal/04032009/watch.html


Larry Summers, Tim Geithner and Wall Street's ownership of government. (This is Green Greenwald's article)

http://www.salon.com/opinion/greenwald/2009/04/04/summers/

This is Brooksley Born's Wikipedia entry:

http://en.wikipedia.org/wiki/Brooksley_Born

6 Comments:

Anonymous Anonymous said...

Henry Paulson is Christian Scientist and Timothy Geithner was raised Episcopalian. Skip the implied anti-Semitism and focus on a far more obvious and relevant observation: the people who got us into this mess were MALE, and that those who recognized where our folly was leading us and tried to do something about it (e.g., Brooksley Born, Sheila Bair, Elizabeth Warren, ...) were NOT. What do you think about that?

6:43 PM  
Blogger Daniel F said...

I urge you to do what I did and go to Advanced Google. Type in the name Henry Paulson and the site www.Jewishachievement.org . You will see that he is listed on the same page as Mo Greenberg of AIG as famous Jewish CEOs. He might practice Christian Science but he is Jewish. His father was a jewelry wholesaler in Florida. Geithner is most likely of Jewsih descent also. Not many Episcopalians in Germany.

Kathleen Sebelius is a woman and not Jewish. She is Irish (born Gilligan)but is a member of the Bilderberg Society. As HHS Secretary she is exposing tens of millions of our children to nasal sprays with live H1N1 virus which will bypass the blood brain barrier and endanger their lives. They will shed the virus or dpread it for up to 3 weeks. She is a woman. She is an Irish woman but she is also a Bilderberger.

If you read my essay you will notice several Jewish writers who have campaigned against this banking system are listed in my references.

Born is a heroine. Sheila Bair at FDIC is not. She could have shut down the big banks or resigned. She is a Bush appointee so what do you expect? I do not know her religious heritage though some say she is Jewish but she and Geithner are Bilderberg Society members.

Elizabeth Warren should resign her position as House Overseer for TARP. She has said it is not working and we are worse off today. But we owe the banksters 23.7 trillion dollars. She works at Harvard so I do not expect much from her.

10:49 AM  
Blogger joy said...

Joy said:
Can you help me get in touch with Brooksley? Wall street and the SEC are doing it again.. no regulation around Shariah Islamic Banking...see my video #3 http://www.youtube.com/watch?v=Qbb5s8hALVE

Also watch Joy Videos #2, #4. If anyone has ideas of who to talk to?

8:47 AM  
Blogger Daniel F said...

Brooksley Born is retired so she has no work place where you can contact her. She was on Frontline two days ago so you might see something there. In the future you would be better off going to Advanced Google and typing in her name and limit the the search to the last month. Or you could email me for personal requests. At Blogspot you click on the profile to find contact info.

10:23 AM  
Anonymous Anonymous said...

Out of curiosity mainly, what evidence do you have that she isn't half say Ashkenazi Jewish, or more? I say this because, as a Jew myself, she looks quite Jewish just from observing her facial features. But, I could be wrong, such things have happened before :P

1:07 AM  
Blogger Daniel F said...

This is an old blog and I am having trouble with passwords which were harmonized with YouTube but I hope you see this.

Born does not look that Jewish to me.

Judging by her school she went to school in a poor non-Jewish neighborhood of San Francisco. She was born at a time when there were few Jews at all in San Francisco.

She went to a law school that still restricts Jewish admissions and became a partner in a non-Jewish law firm.

Her second husband is Jewish.

Wikipedia does not list her mother's maiden name.

I do admit to being wrong about Geithner as I relied on a usually reliable source who was wrong. Geithner's father was a director of the Ford Foundation which gave him access at an early age to his first job which was as an associate at Kissinger associates.

7:24 AM  

Post a Comment

<< Home