Sunday, April 27, 2008

Rather Important News

Dean Baker is right that this is quite the disturbing bit of information.

Shortly before leaving Goldman to head up President Clinton’s National Economic Council, Mr. Rubin says, he met with Richard B. Fisher, the chairman of Morgan Stanley, to discuss the idea of imposing stricter margin requirements on futures trading. Mr. Rubin says the idea died after the Chicago Board of Trade told him “we will make sure Goldman Sachs never trades another future on the C.B.O.T. if this went ahead.”

So when he went to the Clinton administration he changed his policy because of a threat made against his former company?