AmericanMadeHeroes.com
We honor America's best manufacturers keeping America's future strong!
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Brooksley Born An American Made Hero. (Click photo for full bio.)
Mr. Obama promoted failures. 
Mr. Obama promoted failures 
Mr. Obama promoted failures. |
In 2009 Brooksley Born, along with Sheila Bair of the FDIC, was awarded the John F. Kennedy Profiles in Courage Award in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed to the current global financial crisis". According to Caroline Kennedy, "...Brooksley Born recognized that the financial security of all Americans was being put at risk by the greed, negligence and opposition of powerful and well connected interests... The catastrophic financial events of recent months have proved them [Born and Sheila Bair] right." Ms. Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Ms.Born and her team at the CFTC sought comments on the regulation of derivatives, a first step in the process of writing comprehensive regulations. Ms. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.
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Ms. Born graduated from Abraham Lincoln High School (San Francisco, California) at the age of 16. She then attended Stanford
University, where she majored in English and was graduated with the class of 1961. She initially wanted to pursue a career
in medicine. However, the guidance counseling service at Stanford opposed this, as it was their
stated opinion that a woman
who was interested in becoming a doctor, instead of the more suitable career of a nurse, was merely materialistic and had
no sincere interest in healing.
She then attended Stanford Law School, one of only seven women in her class. She was the first female student ever to be
named president of the Stanford Law Review. She received the "Outstanding Senior" award and graduated at the top of her
class in 1964.
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An October 2009 Frontline documentary titled "The Warning" (shown below) described Brooksley Born's thwarted efforts to regulate and bring
transparency to the derivatives market, and the continuing opposition thereto. The program concluded with an excerpted
interview with Born sounding another warning: "I think we will have continuing danger from these markets and that we will
have repeats of the financial crisis -- may differ in details but there will be significant financial downturns and
disasters attributed to this regulatory gap, over and over, until we learn from experience."
The Warning -- Episode 1 of 7
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The Warning -- Episode 2 of 7
The Warning -- Episode 3 of 7
The Warning -- Episode 4 of 7
The Warning -- Episode 5 of 7
The Warning -- Episode 6 of 7
The Warning -- Episode 7 of 7
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"Geithner was a completely failed regulator. He was supposed to regulate most of the largest bank holding
companies in America because he was president of the Federal Reserve Bank of New York. He never saw the crisis coming. He
gave no warning of the crisis. He took no effective regulatory steps ... and as a result of him
being a complete failure we promoted him and made him treasury secretary."
(March 19, 2010)
Prof. William Black --
a senior financial regulator during the Savings & Loan crisis. He is also currently
a highly respected white-collar criminologist.
- American Made Heroes is an independent organization and has no affiliation with
any political party.
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Alexander Hamilton |
"Not only the wealth, but the independence and security of a country, appear
to be materially connected with the prosperity of manufacturers. Every nation ... ought to endeavor to possess within
itself all the essentials of a national supply. They comprise the means of subsistence, habitation, clothing and
defense ... The expediency of encouraging manufactures in the United States, which was not long since deemed very
questionable, appears at this time to be pretty generally admitted."
-- Alexander Hamilton ... an American Made Hero! |
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