NU Online News Service, Oct. 7, 3:15 p.m. EDT
The chairman of the Commodities Futures Trading Commission today cited American International Group as the poster child for the need for strong regulation of the over-the-counter derivatives market.
Gary Gensler made his comments at a hearing before the House Financial Services Committee on draft legislation, designed to impose strong regulation on the swaps. The draft was prepared by the staff of the FSC and released for discussion early this week by Rep. Barney Frank, D-Mass., who chairs the committee.
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