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Tuesday, November 05, 2013

Why Congress Is Trying To Kill The CFTC

There are lots of problems with America’s regulatory agencies. Budgets shouldn’t be one of them.

Take the Commodity Futures Trading Commission (CFTC), a great case in point.

The CFTC is responsible for a lot of regulation. It now regulates the largest, most opaque market on the planet, the $400 trillion-plus swaps derivatives market.

And while $400 trillion is a big deal, so is catching LIBOR manipulating crooks, and commodity pooling Ponzi-schemers, and Jon Corzine, and determining whether banks (I’m not going to name names, Goldman Sachs) that own commodity warehouses that control metals are manipulating prices.

All of the market-related things the CFTC regulates and is responsible for are, depending on who’s being screwed, relatively equal in importance.

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