PLEDGE NOW
Gary Gensler, Obama’s Toughest Fighter For Wall Street Reform

Gary Gensler is a hero to those who call for a crackdown on Wall Street. “Arch-enemy” to those who don’t. He’s leaving his top watchdog  job, and sits with us for an exit interview.

Outgoing Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler testifies on Capitol Hill in Washington, Tuesday, July 30, 2013, before the Senate Banking Committee as lawmakers examine how to mitigate systemic risk in financial markets through Wall Street reforms. (AP)

Outgoing Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler testifies on Capitol Hill in Washington, Tuesday, July 30, 2013, before the Senate Banking Committee as lawmakers examine how to mitigate systemic risk in financial markets through Wall Street reforms. (AP)

No top heads have rolled.  No big banker sits in jail.  America’s biggest banks – the “too big to fail brigade” – have not been broken up.  But you had better believe there’s been a battle on since the Great Crash and Recession to try to clean up Wall Street.  And the toughest battler of all in the Obama administration has been Gary Gensler.  A onetime Goldman Sachs prodigy himself who helped undo regulation, then turned around to fight for it.  He drives Wall Street crazy.  After five years fighting, he’s on his way out.  This hour On Point:  Wall Street now and the exit interview with big fighter, Gary Gensler.

– Tom Ashbrook

Guests

Jesse Eisinger, Pulitzer Prize-winning financial reporter for ProPublica. (@EisingerJ)

Gary Gensler, outgoing chairman of the U.S. Commodity Futures Trading Commission. (@CFTC)

From Tom’s Reading List

Wall Street Journal: Gensler’s Record: Achievements and Disappointments — “Mr. Gensler began his tenure amid an economic meltdown sparked in large part by the implosion of parts of the derivatives market. Large firms with complex ties to the financial system such as American International Group Inc. and Lehman Brothers Holdings Inc. suffered devastating losses on bad bets on derivatives, which nearly caused the financial system to collapse. The 2010 Dodd-Frank law was designed by Congress to ward off the threat of such a collapse by the meltdown of too-big-to-fail companies.”

Washington Post: Gary Gensler explains how financial reform is going — “On Oct. 2, the Commodity Futures Trading Commission (CFTC) oversaw the launch of ‘swap execution facility’ platforms. Called the ‘future of derivatives trading’ by Bloomberg, these platforms are the culmination of reforms in Dodd-Frank designed to bring price transparency to the opaque and dark over-the-counter derivatives market that helped cause the financial crisis. And, unlike the health-care exchanges in Obamacare, these electronic platforms launched without any notable problems.”

Bloomberg: Wall Street May Take Derivatives Regulator to Court — “The financial industry’s trade groups have consulted with lawyers about how to block Gensler’s final moves, according to four people briefed on the matter. A lawsuit would probably be focused on CFTC guidance issued in July that described when the agency should defer its rules in favor of regulations by foreign derivatives overseers, the people said. Gensler, 56, has fought a five-year battle with the industry over how to draw up a safer and more open marketplace for derivatives, the products that helped push the world economy to the precipice in 2008.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 22, 2015
Crashed cars with airbags deployed are shown to visitors as part of the display of Toyota Motor Corp.'s safety performance standards at the automaker's exhibition hall in Toyota, central Japan. (Shuji Kajiyama/AP)

ISIS rolls on. A TPP vote. Biggest recall ever – airbags. And Letterman’s last bow. Our weekly news roundtable goes behind the headlines.

May 22, 2015
The Barden Bellas, the all-female a cappella group at the center of Pitch Perfect 2. (Richard Cartwright/Universal Pictures via AP)

Pitch Perfect 2 is the number one movie in the country, and it’s over the top on a capella.

RECENT
SHOWS
May 21, 2015
Ships dock at the piers at the seaport town of Murmansk on the Kola peninsula in Russia. Russian authorities have detained a Greenpeace ship 'Arctic Sunrise' and 27 crew and they face charges when they arrived at Murmansk. (Efrem Lukatsky/AP)

The Arctic Circle is opening up at a gallop as the ice disappears. Oil, gold, armies, spies. Big opportunities and fear of the consequences.

 
May 21, 2015
In this photo taken Sunday, Dec. 21, 2014, late light falls on Wheeler Hall, South Hall and the Campanile on the University of California campus in Berkeley, Calif. This famously liberal college town is known as the cradle of the Free Speech Movement, but speech isn’t the only thing that’s free here. Whether you’re strolling the redwood-shaded University of California, Berkeley, campus, or slipping across the Oakland border for a dose of Golden State history, you can exercise your limbs and your intellect without giving your wallet a workout. (AP Photo/Eric Risberg)

With student debt topping $1 trillion, a renewed call for radical change – maybe even free public university tuition. We’ll hear more about it.

On Point Blog
On Point Blog
A Former Bike Gang Member Explains "The Life"
Tuesday, May 19, 2015

Larry called in from Lawrenceburg, KY and told us he was once a member of the Pagan’s Motorcycle Club, a mid-Atlantic biker gang. He didn’t sugar coat the facts as he explained the draw of the brotherhood and what makes the outlaw motorcycle corner the underworld go round.

More »
Comment
 
Our Week In The Web: May 15, 2015
Friday, May 15, 2015

We cancel a few hours and suddenly all of you get convinced of a global radio conspiracy! Plus, dragon zoos.

More »
1 Comment
 
Caller: ‘It Doesn’t Always Turn Out Okay’
Wednesday, May 13, 2015

One caller shares her own story of an extremely premature birth. Her daughter, born at 22 1/2 weeks in 2012, was taken off life support after seven days.

More »
Comment