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Fed sues banks over risky mortgages

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okfarmer

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http://finance.yahoo.com/news/Feds-sue-biggest-US-banks-apf-3066897747.html

In a sweeping move, the government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among the 17 targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs.

The lawsuits were filed Friday by the Federal Housing Finance Agency which oversees Fannie and Freddie, the two agencies that buy mortgages loans and mortgage securities issued by the lenders.

The total price tag for the securities bought by Fannie and Freddie affected by the lawsuits: $196 billion.

The government didn't provide a dollar amount of how much it seeks in damages. It said that it wants to have the purchases of the securities canceled, be compensated for lost principal and interest payments as well as attorney fees and costs. The lawsuits allege the financial firms broke federal and state laws with the sales.

Home mortgage-backed securities were risky investments that collapsed after the real-estate bust and helped fuel the financial crisis in late 2008.

In the lawsuits that were filed in federal or state court in New York and the federal court in Connecticut, the government said the securities were sold with registration statements and prospectuses that "contained materially false or misleading statements and omissions."

The Federal agency said the banks and mortgage lenders also falsely represented that the mortgage loans in the securities complied with underwriting guidelines and standards. They also included representations "that significantly overstated the ability of the borrower to repay their mortgage loans."

The 17 institutions are Ally Financial Inc., formerly known GMAC LLC, Bank of America Corp., Barclays Bank PLC, Citigroup Inc., Countrywide Financial Corp., Credit Suisse Holdings Inc., Deutsche Bank AG, First Horizon National Corp., General Electric Co., Goldman Sachs & Co., HSBC North America Holdings Inc., JPMorgan Chase & Co., Merrill Lynch & Co. and its unit First Franklin Financial Corp., Morgan Stanley, Nomura Holding America Inc., The Royal Bank of Scotland Group PLC, and Societe Generale.
 

hypocritexposer

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The lawsuits allege the financial firms broke federal and state laws with the sales.


So the laws and regulations were in place, but were not followed? I thought we were told they weren't?

$196 billion??????

What did they get in bailouts for their losses?

This looks like a case of Government working with the banks to give the perception of the Government "taking action", but only recouping a very small portion of what they already cost the taxpayer.


Banks: "yep we screwed up, would you be interested in talking settlement"

obama: "Of course a settlment would be great. It gives the appearance that I am doing something to curtail your "illegal" activities, in time for 2012"

Banks: "great, if you were to settle for a wee bit lower than the $196 B figure, we'd even be able to afford to slip you some cash for your re-election campaign"

obama: "that would be great, how's business anyway, need another bailout?"
 
A

Anonymous

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Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....

All the laws in the world do no good- if no one enforces them..
That theme played out during the entire Bush administration.....
 

hypocritexposer

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Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....

All the laws in the world do no good- if no one enforces them..
That theme played out during the entire Bush administration.....


LIAR
 

Tam

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Well if the FED is going after the banks I hope they don't stop there. Those that forced the banks to make the loans should also be sued and pay for their part in the mess.

UPDATED: Obama Sued Citibank Under CRA to Force it to Make Bad Loans
Posted on 03 October 2008

Do you remember how we told you that the Democrats and groups associated with them leaned on banks and even sued to get them to make bad loans under the Community Reinvestment Act which was a factor in causing the economic crisis (see HERE ) … well look at what some fellow bloggers have dug up while researching Obama’s legal career. Looks like a typical ACORN lawsuit to get banks to hand out bad loans.

In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because of their ethnic heritage). They protest and get the local media to raise a big stink. This stink means that the bank faces thousands of people closing their accounts and get local politicians to lobby to stop the bank from doing some future business, expansions and mergers. If the bank goes to court, they will win, but the damage is already done because who is going to launch a big campaign to get the bank’s reputation back?

It is important to understand the nature of these lawsuits and what their purpose is. ACORN filed tons of these lawsuits and ALL of them allege racism.

Thanks to the IUSB Vision Weblog for providing additional details of this story.

We pulled the docket down, but here’s a brief for your summary:

Case Name
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
Case Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.

U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).

The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000

AND how close was Obama to the lieing ACORN organization
http://www.youtube.com/watch?v=rmn4ptXu21Y

If the FEDs are going after those that caused the mess they should skip the middle man that was forced into it and go after the really problem. :wink:
 

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http://www.youtube.com/watch?v=Ohp5IX3y098&feature=related
 

Texan

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Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....
How many times have I asked you to provide proof of that charge, only to have you disappear from the discussion? I've lost count, but I might try to dig up some links later when I have more time.

Your loss of credibility on this site is due to your fundamental lack of honesty on issues such as this. You have let your hatred of President Bush turn you into a dishonest fool. Frankly, it's been a sad thing to watch.
 
A

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Texan said:
Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....
How many times have I asked you to provide proof of that charge, only to have you disappear from the discussion? I've lost count, but I might try to dig up some links later when I have more time.

Your loss of credibility on this site is due to your fundamental lack of honesty on issues such as this. You have let your hatred of President Bush turn you into a dishonest fool. Frankly, it's been a sad thing to watch.

I've posted it for you many times- but you seem to have selective memory loss...
 

hopalong

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Oldtimer said:
Texan said:
Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....
How many times have I asked you to provide proof of that charge, only to have you disappear from the discussion? I've lost count, but I might try to dig up some links later when I have more time.

Your loss of credibility on this site is due to your fundamental lack of honesty on issues such as this. You have let your hatred of President Bush turn you into a dishonest fool. Frankly, it's been a sad thing to watch.

I've posted it for you many times- but you seem to have selective memory loss...


Another falsehood oldtimer, what you have said is for us to look it up, you have NEVER given us the proof that they were told to take 8 yrs off. another one of your famous LIES
 

Tam

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Oldtimer said:
Texan said:
Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....
How many times have I asked you to provide proof of that charge, only to have you disappear from the discussion? I've lost count, but I might try to dig up some links later when I have more time.

Your loss of credibility on this site is due to your fundamental lack of honesty on issues such as this. You have let your hatred of President Bush turn you into a dishonest fool. Frankly, it's been a sad thing to watch.

I've posted it for you many times- but you seem to have selective memory loss...

If Bush told regulators to take an eight year coffee break I want proof of it, NOW OLDTIMER :x

We have posted many times it was Carter a Democrat the started the housing problem when he signed into law the Community Reinvestment Act, Clinton another Democrat de-regulated the banks when he signed into law the repeal of the Glass Steagull Act, Obama another Democrat sued Citibank with the help of his crooked ACORN buddies to force sub prime mortgages to people that could not afford them. BUT because of your blind hatred of Bush you want to blame it all on him :roll: Bush was the one that warned of the risk if something did not get done to rein in the growing problem. And the DEMOCRATS STOOD IN THE WAY.

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

* "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

** "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

*** "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

Doesn't sound like Bush was the one forcing the 8 year coffee break to me OLDTIMER. :roll:

PLEASE STOP YOUR LIEING.
 

Texan

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Oldtimer said:
Texan said:
Oldtimer said:
Problem probably wouldn't exist or been allowed to get as large if all the oversight folks hadn't been told to take an 8 year coffee break- or just shuffle papers and look busy, but don't actually investigate.....
How many times have I asked you to provide proof of that charge, only to have you disappear from the discussion? I've lost count, but I might try to dig up some links later when I have more time.

Your loss of credibility on this site is due to your fundamental lack of honesty on issues such as this. You have let your hatred of President Bush turn you into a dishonest fool. Frankly, it's been a sad thing to watch.

I've posted it for you many times- but you seem to have selective memory loss...
Well, help me out with my "memory loss." If you've posted the actual proof of those claims "many times" as you claim, it should be pretty easy to find it and post a link.

The only thing you've ever posted when asked for proof is the link in this thread. A link that still didn't even contain what you claimed:

http://ranchers.net/forum/viewtopic.php?p=342140#342140

And just like I pointed out then, you couldn't even find the quote - even though you looked. And also like I pointed out to you then, it should be easy to find with a google search, because there would be thousands and thousands of hits.

But, go ahead, Oldtimer. Please. Post a link to one of those "many times" that you have offered up the actual quote as proof. Make me look like a fool and prove me wrong. Because I'd be happy for you to do that. I would be happy for you to prove me wrong because that will make me feel a lot better about your honesty.

And then I'll be able to prove something to you, Oldtimer. Show me the proof and I'll be able to show you how a person of integrity handles it when they are wrong. I'll show you how easy it is to admit it when I'm wrong and I'll also show you how a person of integrity tries to straighten that up and apologizes in the same public forum that they made the accusations in.

So, go ahead and bring it. Please.
 

Texan

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It's been ten days, Oldtimer. How you coming with those links? Looks like you've had plenty of time to do searches attempting to satisfy your lovesick obsession with Governor Perry. But, have you come up with any links to prove your own claims?

Or maybe you'd rather admit that you made it all up?
 

Mike

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He won't show any proof. He has none. This same question has been asked of him a 1000 times with nothing..............................................
 

hypocritexposer

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I'd love to watch OT try to sell any member of Ranchers a horse, or cattle. They wouldn't believe a word coming out of his mouth.

And all their friends are probably aware of his lying ways too.
 

Texan

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Texan said:
It's been ten days, Oldtimer. How you coming with those links? Looks like you've had plenty of time to do searches attempting to satisfy your lovesick obsession with Governor Perry. But, have you come up with any links to prove your own claims?

Or maybe you'd rather admit that you made it all up?
How about those links, Oldtimer? Have you had enough time yet?
 

Mike

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Texan said:
Texan said:
It's been ten days, Oldtimer. How you coming with those links? Looks like you've had plenty of time to do searches attempting to satisfy your lovesick obsession with Governor Perry. But, have you come up with any links to prove your own claims?

Or maybe you'd rather admit that you made it all up?
How about those links, Oldtimer? Have you had enough time yet?

Google this: Bush - 8 year coffee breaks

The 3rd link shown will bring you right back here. :lol: :lol: :lol:

He knows he lying and won't answer your question. :roll:
 
A

Anonymous

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Texan said:
Texan said:
It's been ten days, Oldtimer. How you coming with those links? Looks like you've had plenty of time to do searches attempting to satisfy your lovesick obsession with Governor Perry. But, have you come up with any links to prove your own claims?

Or maybe you'd rather admit that you made it all up?
How about those links, Oldtimer? Have you had enough time yet?

You can whine forever-- I'm not going to search thru the millions of pages of Congressional testimony-- you can...

The "don't do anything- just shuffle papers and look like you're doing something" came from the testimony of the USDA GIPSA investigators to OIG investigators on what their Bush appointed boss, JoAnn Waterfield had advised them to do...She resigned and disapeared from the scene- altho I'd love to know what big corporate management job/payoff she got for doing GW's dirty work :???: :wink:
Anyone know ????

The "CFTC was told to take an 8 year coffee break" came during Congressional testimony from Michael Greenberger, JD- who is a professor at the University of Maryland School of Law and a former Director of Trading and Markets at the Commodity Futures Trading Commission...
And they all fit how the whole GW administration gave big corporates- and the banking/lending industry free run- and they thanked GW by their greed giving him the Bush Bust... :(
 

hypocritexposer

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Oldtimer said:
The "CFTC was told to take an 8 year coffee break" came during Congressional testimony from Michael Greenberger, JD- who is a professor at the University of Maryland School of Law and a former Director of Trading and Markets at the Commodity Futures Trading Commission...


The "coffee break" started before Bush was President......

Brooksley E. Born is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chairperson of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the futures and commodity options markets. During her tenure on the CFTC, Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives in addition to its role with respect to exchange-traded derivatives,[3] but her warnings were opposed by other regulators.[4]

http://en.wikipedia.org/wiki/Brooksley_Born
 

Mike

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Your Google search - The "CFTC was told to take an 8 year coffee break" came during Congressional testimony ... - did not match any documents.

Suggestions:

•Make sure all words are spelled correctly.
•Try different keywords.
•Try more general keywords.
•Try fewer keywords.

:lol: :lol: :lol:
 

Larrry

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Mike said:
Texan said:
Texan said:
It's been ten days, Oldtimer. How you coming with those links? Looks like you've had plenty of time to do searches attempting to satisfy your lovesick obsession with Governor Perry. But, have you come up with any links to prove your own claims?

Or maybe you'd rather admit that you made it all up?
How about those links, Oldtimer? Have you had enough time yet?

Google this: Bush - 8 year coffee breaks

The 3rd link shown will bring you right back here. :lol: :lol: :lol:

He knows he lying and won't answer your question. :roll:

ot is real popular with all his LIES!!!!!!!!!!!!!!! :lol: :lol:
 

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