Obama Cans Regulator (Gary Gensler) Who Crossed Wall Street-- Ouster is a gain for big bankers

[KoKo]

Obama Cans Regulator Who Crossed Wall Street
Ouster is a gain for big bankers advocating lax oversight
Sarah Lazare, staff writer

The Obama Administration is quietly firing Commodity Futures Trading Commission head Gary Gensler, who ran afoul of big banks by pushing for greater government oversight.]

The ouster comes in the midst of controversy over a proposed CFTF rule, strongly supported by Gensler, that would extend U.S. regulation to swaps--a kind of derivative exhange--involving firms founded or doing business in the United States. This means that foreign banks and hedge funds would face the same regulations as U.S. ones when trading in swaps with U.S. parties.[/b

Wall Street fiercely opposes this regulation on the grounds that it discourages trade. Yet, supporters insist the regulation is necessary to give a modicum of oversight to vast swaths of the derivatives market marred by the same lack of regulation that paved the way for the 2008 economic collapse.

Gensler was set to meet with European regulators June 20, and his dismissal could seriously jeopardize this proposal, the Huffington Post reports.

This is not the first time Gensler has clashed openly with bankers. The Huffington Post describes his tenure:

A former Goldman Sachs executive who was viewed skeptically by some liberal lawmakers when he was first nominated in 2009, Gensler has become perhaps Wall Street’s leading foe as he has sought to curb risk and expand transparency and competition in the previously opaque market for a type of derivatives known as swaps.

Gensler has transformed a once-unknown agency to one at the forefront of financial regulation as CFTC rules are shaking up a marketplace unaccustomed to government supervision. His rules threaten to decrease profits at the nation’s largest banks as formerly unregulated activities are forced to comply with provisions that help buyers compare prices and compel banks to stump up more cash to back their trades.

Gensler will be replaced by former senate staffer Amanda Renteria, who worked briefly for Goldman Sachs and has little financial oversight experience.

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License
http://www.commondreams.org/headline/2013/06/11-7

[ananda]

1. Priorities you know...

..

[Ed Suspicious]

2. Awesome job Mr. President. Will of the people and all that. Wall Street way more better than

Main Street.

[Schema Thing]

3. Actually, that title is probably bullshit

President Obama has decided that CFTC chief Gary Gensler, unlike most of his first-term economic team, is worth keeping around. Gary Gensler agrees. Now if only they could figure out in what capacity.

The president wants Gensler to stay right where he is. Gary has some other ideas.

Mr. Gensler, the people briefed on the matter said, has discussed other senior financial roles with the White House. The jobs could include deputy Treasury secretary and head of the Commerce Department. Two of the people said Mr. Gensler was once interested in running the Securities and Exchange Commission, though President Obama recently nominated Mary Jo White for that job.
The White House has apparently countered with another five years at the CFTC. Gensler is thinking about it; either way, he’ll be around until the end of the year.

In an interview on Tuesday, however, Mr. Gensler said his task was not yet complete.
“It’s an incredible privilege and there’s still a lot of work to be done here at the C.F.T.C.,” he said. He declined to identify the other government posts he would pursue.

http://dealbreaker.com/2013/03/you-will-have-gary-gensler-to-kick-around-for-a-while/

[KoKo]

5. We will have to see...Your link is from March 2013 and good read..

but, things may have changed in the relationship between the President and Gensler that he is leaving earlier. The current article I posted seems to show friction over regulation. It's also possible Gensler is miffed that the two other positions he was hoping from back in March are now going to be filled.

[ProSense]

4. So

A former Goldman Sachs executive who was viewed skeptically by some liberal lawmakers when he was first nominated in 2009, Gensler has become perhaps Wall Street’s leading foe as he has sought to curb risk and expand transparency and competition in the previously opaque market for a type of derivatives known as swaps.

...he's a hero now? See how wrong people can be?

Obama’s Toxic Advisers

Posted on Mar 24, 2009
By Robert Scheer

Bernie Sanders, the senator from Vermont who is independent in spirit as well as party label, has placed a hold on President Obama’s nomination of Gary Gensler to head the Commodity Futures Trading Commission. Sounds like a minor issue to get worked up about, but the senator is right. Like most Americans, I am eager for Barack Obama to succeed, but I see this appointment as further evidence that the president has entrusted his economic policy to the wrong people.

Gensler helped create this financial crisis when he was in the Treasury Department back in the Clinton era, when bipartisan cooperation with Wall Street lobbyists was all the rage. Sanders gets right to the point: “Mr. Gensler worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in U.S. history.”

Sanders’ hold will not stop the Gensler nomination, because Congress and the president, recognizing the nation’s mood, want to give Wall Street whatever it wants to make the stock market go up. And Gensler is a reassuring figure to the moguls of finance; he was a partner at Goldman Sachs before being brought by Goldman honcho Robert Rubin to the Clinton Treasury Department.

After Rubin left to take a $20-million-a-year job at Citigroup, which he helped run into the ground, Lawrence Summers, his protégé and replacement at Treasury, elevated Gensler to be an undersecretary. Gensler then performed as Summers’ point man in advocating for deregulation legislation that enabled the current debacle.

- more -

http://www.truthdig.com/report/item/20090325_obamas_toxic_advisers

Still, the OP sounds like made-up bullshit.