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THE WARNING - Brooksley Born on Frontline Tuesday

Category: Articles
As head of the Commodity Futures Trading Commission [CFTC], Brooksley Born became alarmed by the lack of oversight of the secretive, multitrillion-dollar over-the-counter derivatives market.

Her attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, then-Treasury Secretary Robert Rubin and then-Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop Born and limit future regulation.

(Photo Credit: Tom Fitzsimmons)
The 2009 Profile in Courage Award Winners pictured with Caroline Kennedy. From left: Shelia Bair, Brooksley Born, Caroline Kennedy, Leymah Gbowee, Viaba Flomo, and Janet Johnson Bryant.




"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis.

"They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"...MORE...

Watch the Complete FRONTLINE Broadcast Here

Watch An Interview with Just Ms. Born Here