Pfft, one election loss.
Last week, it was reported that a Wall Street regulator (the CFTC) invited JPMorgan’s Blythe Masters onto an advisory committee, only to have Masters withdraw 24 hours later. But Masters’ invitation is not the ONLY comical invitation the CFTC offered. There’s another member of this same advisory committee that deserves equivalent scrutiny: Stephen O’Connor. O’Connor is Chairman of the Board of the International Swaps and Derivatives Association, or ISDA for short. The CFTC inviting ISDA to advise them, is like Nancy Kerrigan inviting Tonya Harding to be her skating coach.
The topic of the first meeting of this CFTC advisory Committee is the CFTC’s cross-border guidance. As I wrote for The Washington Post, cross-border guidance covers “how derivatives should be regulated when one portion of the trade is in the United States and another side is overseas.” The CFTC’s guidance, under outgoing CFTC Chairman Gary Gensler, were seen as tough by the financial industry. So, in December of last year, the financial industry sued the CFTC over this cross-border guidance. And guess who was on the lawsuit? Why, ISDA, of course!
Two months after ISDA sued the CFTC over their cross-border guidance, the CFTC is asking them to advise them on…cross-border guidance.
Today in Class War Kitteh history: On January 31, 1940 Ida May Fuller becomes the first American to receive a monthly social security benefit. She receives them until age 100.
What most people don’t know if that due to so much partisanship about the program, local cats would make sure she received her checks by waiting in her mail box.
ThrowBack Thurday! Today is Franklin D. Roosevelt’s birthday. Although generally considered to be America’s most progressive president, many of his policies were due to public pressure and not his own ideology.
What people don’t know is that the boldest socialist program of his administration, The National Industrial Recovery Act, was the idea of his Class War Puppy, Fala.
Hey, at least we got ONE Obama on Team Full Communism!