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Infiltrated: How to Stop the Insiders and Activists Who Are Exploiting the Financial Crisis to Control Our Lives and Our Fortunes by Jay W. Richards

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CHAPTER 8

THE OFFICIAL STORY

In 1996, President Bill Clinton appointed Brooksley Born as chair of the little-known Commodity Futures Trading Commission—to oversee, among other things, the special markets for trading derivatives. Some derivatives are purchased directly from the supplier, with no intermediary. Known as “over-the-counter” derivatives,1 these were outside her purview. Born lobbied the president and Congress unsuccessfully to give her agency oversight of these private, “off-market” transactions.

For this, Born is lionized in a 2012 PBS Frontline special, “Money, Power and Wall Street,” as the “lone regulator who warned about the risks of derivatives—and was ignored.”2 Three years earlier, in October 2009, Frontline dedicated an entire ...

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