"Lawyer Brooksley Born had warned that the completely unregulated and unobserved trade in derivatives could bring down the entire financial system..."
By LEON HADAR, WASHINGTON CORRESPONDENT
MOST of those who follow economic news are familiar by now with the name of Nouriel Roubini, an economics professor at New York University's Stern School of Business, who was one of the few economists who had predicted the financial crisis more than three years ago.
In a speech at the International Monetary Fund (IMF), he warned of an impending collapse of the global financial system and a deep recession.
But there was apparently another Cassandra, who unlike Roubini hasn't been transformed into an instant celebrity, but who more than 10 years ago had not only warned that the completely unregulated and unobserved trade in financial derivatives could bring down the entire financial system, but who also had the guts to stand up to then Fed chairman Alan Greenspan and other powerful figures in Washington and Wall Street. Greenspan and his acolytes were opposed to any attempt by the federal government to interfere with the workings of the free market.
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