Edmund L. Andrews reports in the New York Times that President-elect Barack Obama has chosen former Treasury official under President Clinton, Gary Gensler, to head the Commodity Futures Trading Commission. Andrews states “the commission, which regulates the exchanges that trade futures contracts for products as varied as oil, wheat and instruments for betting on interest rates, will be a major battleground over reining in the trillion-dollar markets for credit-default swaps and other ‘derivative’ financial instruments that greatly aggravated the damage caused by the subprime mortgage meltdown.” Read the rest of the story here.
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