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Speculation has it that the Financial Crisis Inquiry Commission will require testimony on the question of why it was a good thing to exempt a form of Credit Insurance totally from all Regulation. And how that helped to cause the Great Recession through which we are now living.
Mr. Robert Rubin, former Treasury Secretary of the United States and former "adviser" to Citigroup Inc., reportedly will or may be called to testify. Ian Katz and Jesse Westbrook, "Citigroup Adviser Rubin Said to Face Queries From Crisis Panel" (Bloomberg.com, Saturday, February 27, 2010). When Mr. Rubin was Treasury Secretary, he was a prime mover in blocking even a study about regulating a form of Credit Insurance called by another name in the world of 'finance,' namely, Credit Default Swaps. A study about regulating Credit Default Swaps was proposed at the time by then-Chair Brooksley Born, Esquire, of the Commodity Futures Trading Commission.
Ms. Born is now a Member of the Financial Crisis Inquiry Commission which will or may call Mr. Rubin to testify. Id.
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