Senate Democrats question GSE regulator nominee (anti-reg)

[Nambe]

WASHINGTON, July 22 (Reuters)

Democrats on the U.S. Senate Banking Committee on Tuesday questioned the suitability of the Bush administration's nominee to regulate mortgage finance companies Fannie Mae and Freddie Mac, because of his past opposition to financial regulation.

"Serious questions have been raised as to whether he is the right person for this position at this time," the senior Democrat on the panel, Sen. Paul Sarbanes of Maryland, said before a confirmation hearing for the nominee, Mark Brickell. ---

Brickell, a former International Swaps and Derivatives Association chairman and 25-year veteran of J.P. Morgan & Co., now J.P. Morgan Chase Co., was most recently chief executive of Blackbird Holdings Inc., which operates an electronic trading system for derivatives.

He played a role in ensuring that over-the-counter derivatives stayed outside the purview of regulators under the Commodities Futures Modernization Act of 2000. ---

Fannie Mae and Freddie Mac are extensive users of derivatives ---

Note: One of dimson's regional '04 campaign directors is an executive for Fannie Mae. Deregulation will turn Fannie Mae into a mean machine! Big bucks for bush.

Ride Don’t Drive It’s Global Cool

[jamesinca]

1. Personally I feel anybody that Bush appoints is suspect

I have just become suspicious of all of the WH activities and motives. It actually borders on paranoid.