Brooksley Born, former head of the CFTC and now a member of the Financial Crisis Inquiry Commission, finally had her chance to stick it to Chris Cox.

Born, remember, was the only member of the President’s Working Group on Financial Markets in 1998 to call for comprehensive regulation of OTC derivatives like credit default swaps.

Cox, then a member of Congress and the chairman of the Task Force on Capital Markets, vehemently opposed the regulation as did Alan Greenspan, Larry Summers and Robert Rubin. Well, we know what kind of havoc unregulated OTC derivatives have caused since then. Continue reading »