Commodity Futures Trading Commission: Profiles in Courage
by Bix Weir
Posted originally December 8, 2010
Who is Brooksley Born? The following video gives some background:
“Warning – Brooksley Born’s side of the financial collapse – Part 2”
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St. NW
Washington, DC 20581
RE: CFTC: Profiles In Courage
CFTC Staff and Commissioners:
On August 26, 1996 the Honorable Brooksley Born was sworn in as Chairman of the Commodity Futures Trading Commission. Her mandate then was the same as your mandate today: to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options.
Chairman Born quickly recognized that the large and growing unregulated derivatives markets posed a very real threat to the stability of the global financial system and fought to reign in the size and scope of these markets. She was stonewalled by influential people in the very same positions of power as those who are likely trying to stonewall the CFTC today in your efforts to implement the provisions of the Dodd-Frank Law.
By the late 1990’s Chairman Born had been publicly attacked, her reputation vilified and was ultimately removed from her position at the CFTC by those who “pulled the strings” of the massive global banking system. She was targeted because she understood the terrible consequences that would befall our country if those who “ran the show” were allowed to use our free market system to their own advantage and towards their own agenda. The resulting economic collapse was directly attributed to those financial instruments that Chairman Born attempted to prohibit.
Recently, Brooksley Born was recognized as a true American hero for her efforts and perseverance. On May 28, 2009 Chairman Born was presented with the prestigious “John F. Kennedy Profile In Courage Award” for standing up for those of us who had entrusted in her the power to watch over our free market system.
I would like to quote the very last words of her acceptance speech as they related to the NEW regulations that were only on the drawing board at the time her speech was given…
“These measures would go far toward bringing this enormous and dangerous market under control. They must be adopted and implemented if we hope to avoid future financial crises caused by this market. Special interests in the financial services industry are beginning to advocate a return to business as usual and to argue against any need for serious reform. We have to muster the political will to overcome these special interests. If we fail now to take the remedial steps needed to close the regulatory gap, we will be haunted by our failure for years to come.”
I hope that these words will inspire you into ACTION such that you address the Position Limits issue in the Silver Markets as is MANDATED BY THE NEW DODD-FRANK LAW. In order to fulfill your mandate within the time limit this issue must be addressed at the scheduled CFTC meeting on December 9, 2010.
Just over 10 years ago your honored colleague, Brooksley Born, risked everything to try and stop powerful forces who were destroying our free markets. Unfortunately, she did not have the support of her Administration, the majority of market participants, the American people or the Rule of Law. She lost and we all suffered the consequences.
Today, the CFTC is in the position to DO THE RIGHT THING but this time YOU ARE NOT ALONE! This time you have the strong support of the Administration, the majority of market participants, WE, the American people and THE RULE OF LAW.
Address the Position Limits issue at the CFTC meeting on Dec. 9th and implement reasonable silver position limits of no greater than 1,500 contracts.
Now is the time to display YOUR courage.
WE will be watching.