DJ CFTC's Gensler: Without Funding, Agency Can't Enforce New
Rules
2011-06-15 14:06:43.656 GMT
By Jamila Trindle
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Commodity Futures Trading Commission Chairman Gary
Gensler said Wednesday that his agency wouldn't be able to effectively police derivatives markets without more funding, as the House of Representatives is scheduled to continue debate on the bill that includes the agency's budget for next year.
Last year's Dodd-Frank financial overhaul assigned to the CFTC and the Securities and Exchange Commission the responsibility of writing dozens of new rules creating a new regulatory regime for over-the-counter derivatives known as "swaps," a much larger market than the futures market that the CFTC currently oversees.
"Without sufficient funding for the agency, our nation cannot be assured of effective enforcement of new rules in the swaps market to promote transparency, lower risk and protect against another crisis," Gensler said, in remarks prepared for a Senate Agriculture Committee hearing.
He said it would also hamper the agency's ability to seek out fraud, manipulation and other abuses in commodity markets.
House Republicans have proposed a budget of $172 million for the CFTC in the12-month period beginning Oct. 1, substantially less than the $308 million sought by President Barack Obama.
The funding has been included in a wider $126 billion bill to fund the Department of Agriculture and related agencies that the House could vote to approve as soon as this week.
While the bill is expected to be approved by the House given the sizable Republican majority, it is almost certain not to be taken up by the Democratic-controlled Senate. Rather, like the other spending bills to fund the various departments and agencies of the federal government, it is more likely to be included in a wider budget deal that is currently being negotiated by House and Senate leaders and senior officials from the Obama administration.
When did they ever effectively manage ANY derivative market in the first place?
The question is, when did they effectively manage anything!
ReplyDeleteThey take money from the private sector and redistribute it in the public sector.
Market forces have absolutely nada influence. Accept the fact that we no longer have any control....with the exception of moving away from their system. That is the only control you have. It is imperative that we all do that and use their system to create more fiat to continue to jump ship. Stacking is moving into the "new" monetary system. I continually urge people to use Silver as a savings plan. Just as we normally make regular contributions to our savings/retirement accounts, I suggest regular FX to the "new" money. I have had some success. I feel I am saving lives.
CFTC needs to be abolished...they haven't done a FUCKING thing and we can save 100-200 million dollars.
ReplyDeleteGensler can hang with Dimon and Blankfein and the rest.
ReplyDeleteWell... when the crisis finally hits Gensler can just say: "See... I told ya to give me the money so we *could have* regulated the markets - but no, it was the Republicans who were too cheap!". Nice excuse and I'm positive it will be touted as truth by Chrissy Mathewes on TV.
ReplyDeleteTHEY ALL WANT MORE MONEY TO DO NOTHING..ALSO NOTICE THAT NO BUDGET HAS PASSED FOR TWO YEARS BUT THEY STILL FUND ALL THESE UNCONSTITUTIONAL DEPARTMENTS THROUGH FUNDING BILLS ORIGINATED AND FUNDED BY THE HOUSE..REPUBLICAN CONTROLLED..SO IT DOESN'T MATTER WHICH PARTY HAS CONTROL THEY BOTH LIE CHEAT AND STEAL...FUCK THEM ALL......ITS TIME TO VOTE FOR ANYONE THAT IS NOT A REPUPOCRATE...OR DON'T VOTE AT ALL...IT JUST KEEPS THE SAME OLD SHIT GOING WITH NO END IN SIGHT...
ReplyDeleteAnd here I always thought it was derivative swamps. I stand corrected.
ReplyDeleteSo what the fuck is your excuse for previous years? The outrageous short position happened long before this budget Gensler you smarmy fucking douche bag. Fuck him, I got phyzz and my Bruins are winning the Stanley Cup!!!!!!!!!!!! Fuck Yeah Baby!!!!!!!!!!!!!!!!!
ReplyDeleteTom H..exactly...another excuse for complicity and being complacent. how come the scumbuckets say this now and not a year a go when Maguire was whistling?
ReplyDeleteI have no idea what a "stanley cup" is, but the CFTC had better cup it's balls soon. Just look at that nice chart of the depletion of silver - it's outstanding!
ReplyDeleteThis is my favorite guy, Robby Noel, made the link to my YT account, I would say it's a can't miss listen about Ft Knox and why Strauss-Kahn was fingered.
ReplyDeletehttp://www.youtube.com/watch?v=zQyiB-SYbpg
Without the dollar as the worlds reserve currency, and it being required in order for any nation to buy oil, the global elites would not have the unprecedented control over the world that they now enjoy. That coupled with the fact that all other currencies are a subset of the dollar, and are all fiat just like the dollar, giving them even more control as never before achieved by the international bankers and powers that be. The very pinnacle of this power structure are the European royalty and black nobility, the Rothschild banking dynasty of Europe in control there over 250 years, and the Rockefeller family dynasty that has controlled the U. S. for over a hundred years.
ReplyDeleteIf you wish to understand the very core of the EE, this is where you must begin. These are the names and faces who, through this global monetary system, control every government on the planet. If you wonder who ultimately gives the orders to the Fed chairsatan, to the president of the U. S., and who decides what wars will be fought and where, this is where you look.
The primary vehicles through which they work their control are the big big master banks such as JP Morgan, Goldman Sachs, and the Bank of England. These banks are the owners and controllers of the Fed, the IMF, the BIS, and the World bank as the master central banks. All the rest, both large and small bow, this this pinnacle of power.
If you wonder why the CFTC and FTC never enforce against these giants, this is why. Remember they literally own your government. If you wonder why the EE seems never to lose control over the short term price of gold and silver, just once ponder the awesome power weighing against the rise in the price of PM's. Consider for a moment what it is going to take to defeat this leviathan international control and power. It is truly awesome and formidable beyond the average person comprehension. The New World Order is here and now and they manipulate every market on the planet as central planners that make the Communist in the past such as Stalin and Mao Tse dung seem like boy scouts.
It is the Wild Wild West and we little people are the dumb farmer that doesn't own a gun. I say: FUCK the IMF and the United Nations.
ReplyDeleteWhy the fuck is the dollar going up day after day? Did I miss something like a complete economic recovery while I was sleeping?
ReplyDeleteHave I mentioned yet that the Bruins won the cup? WoooooooHooooooooo!!!!!!!!
ReplyDeleteHas anyone else ever noticed that all of the men on Federal Reserve Debt Slave Notes were vehemently opposed to central bankers?
ReplyDelete"Why the fuck is the dollar going up day after day?"
ReplyDeleteCompared to what?
In gold/silver, the dollar seems pretty flat.
Compared to other fiat money, it's doing a shade better than most.
Or to put it another way... "My worthless paper is worth more than your worthless paper!"
How much money do you need to sit around all day having a wank.
ReplyDeleteMost of us would be happy with free mags!
But, fuck it, I'll get a team together for $50million. Anyone in?
Gensler is a fuckin' tosser of the highest order.