Blame Mrs. O'Leary, not the cow

摘要

I admit I had never seen new Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler speak before an audience. It isn't because he's been shy: since he joined the CFTC last year he hasrnstormed through trading-related organization meetings giving speeches, reminiscent to Sherman's army. And as the opening keynote at the Futures Industry Association's (FIA) annual meeting in Boca Raton, Fla., Gensler did not disappoint. I was expecting an arid presentation in Ben Stein mode, but it was not to be. Gensler was lively and witty. He stood firm on his conviction to regulate the OTC markets, equating what these instruments did to our financial system to what Mrs. O'Leary's cow did to Chicago in the Great Fire. He shared barbs with John Damgard, the FIA president who is renown for his humor, answered questions from a somewhat hostile audience straightforwardly and even commended them for how they weathered the financial crisis.