Curious Capitalist

Q&A with CFTC Chairman Gary Gensler

TIME interviews the chairman of the U.S. Commodities Futures Trading Commission about the implications of interest rate manipulation for American consumers and whether Dodd-Frank will really make us safer.

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Gary Gensler, chairman of the U.S. Commodities Futures Trading Commission, is an ex-banker whose job it is to rein in other bankers. Part of an original group of financial reformers including Sheila Bair and Elizabeth Warren, he’s still fighting the good fight in Washington, most recently nabbing Barclays Bank for interest rate rigging in the LIBOR scandal, an ongoing investigation involving as many as 20 major banks.

I met with Gensler today to discuss the implications of interest rate manipulation for American consumers, the state of banking regulation four years on from the financial crisis, and whether Dodd-Frank will really make us safer. Watch here:

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Abel Cruise
Abel Cruise

Futures Trading had helped me a lot financially. Its not easy to earn money but it also teaches me how to be fair and smart.

Firozali A.Mulla
Firozali A.Mulla

What we know is

little compared to what is to come. Daily the Barclays is in the fore front .

This was the huge 5 at one time. I have no comments on the polls now. Barclays'

Libor-rigging transgressions will be "put in perspective" by the

fines handed out to other international banks, according to the first direct

comments by the UK lender about the scandal's potential impact on the rest of

the industry. In a memo sent to staff yesterday evening and which has been

leaked to me, the nine members of the bank's executive committee warned that

the Libor crisis should not distract them from the core task of safeguarding

Barclays' vast balance sheet. "The macro-environment remains febrile,

especially in Europe. We have to remain vigilant on balance sheet exposures and

risk management. In short, our focus must remain on capital, funding and

liquidity; improving returns; and driving income growth." The memo, co-written

by Marcus Agius, Barclays' outgoing chairman, apologised for the impact of the

rate-fixing episode on the bank's staff, but hinted that its rivals were likely

to be hit even harder than the £290m in fines imposed on Barclays. "As

other banks settle with authorities, and their details become public, and

various governments' inquiries shed more light, our situation will eventually

be put in perspective." Approximately 15 other lenders, including Lloyds

Banking Group and Royal Bank of Scotland, are under investigation by

authorities probing a crisis which has also cast doubt on the competence of the

Bank of England and Financial Services Authority. A string of inquiries has

also been triggered, including one that will examine the business practices and

culture of Barclays.. After reading this which bank would we trust? Anyone can carry his burden, however hard,

until nightfall.  Anyone can do his work, however hard, for one day. 

Anyone can live sweetly, patiently, lovingly, purely, till the sun goes

down.  And this is all life really means.  ~Robert Louis Stevenson

and I wish I could do this If you surrender to the wind, you can ride it. 

~Toni Morrison I thank you Firozali A.Mulla DBA

 

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