he has been replaced by gary ginsler, he is former partner at goldman sachs. now, once cash carry has made goldman sachs a bank holding company, they don't have that pesky sec thing. they have a guy named steven friedman, the former chairman of goldman sachs, now overseeing them because steven is at the fed, used to be at goldman sachs. but not now. steven wasn't just used to be at goldman sachs, he had a lot of stock. he was on the board of directors. that is the conflict of interest. you can't do that unless timothy guided geithner comes to the rescue. please, please, can we have stevens who is on the board oversee goldman sachs? sure, of course. timothy had geithner says absolutely. sure we can do that. he gives them a temporary one-year waiver of the rule which meant that he could not only hold the shares, but this one that you could serve on the board of directors and also, mr. friedman, he can also stay on the board and buy an additional 52,000 shares of goldman sachs. in the meantime, time, he makes $3 million. now, just so you know, goldman sachs, they

he has been replaced by gary ginsler, he is former partner at goldman sachs. now, once cash carry has made goldman sachs a bank holding company, they don't have that pesky sec thing. they have a guy named steven friedman, the former chairman of goldman sachs, now overseeing them because steven is at the fed, used to be at goldman sachs. but not now. steven wasn't just used to be at goldman sachs, he had a lot of stock. he was on the board of directors. that is the conflict of interest. you can't do that unless timothy guided geithner comes to the rescue. please, please, can we have stevens who is on the board oversee goldman sachs? sure, of course. timothy had geithner says absolutely. sure we can do that. he gives them a temporary one-year waiver of the rule which meant that he could not only hold the shares, but this one that you could serve on the board of directors and also, mr. friedman, he can also stay on the board and buy an additional 52,000 shares of goldman sachs. in the meantime, time, he makes $3 million. now, just so you know, goldman sachs, they

i loveo see gary ginsler set something similar to popolice the oil futureres marketwhich has provoventselto be about as easy to manipulate as a a penny stock even t though it infinitetely more portant to this nion's economy. while we'r're at it,hy not help the examineners by boowing a syststem thaworks well for the s. if you k know soone who is committing t tax fra and you repo him, you getet to tak a cut from 15% to 30%, if thehe s succeeds in getting g the money owed. y not the same policicy for e s.e.c.?? why not financially y reward whistleblowewers? it would h have reveed madoff years ag here's the bott linene. when it ces to enforcecement and examination, the s.e.c.c. woul have a beeeen a big ilure. it n needs a n incentive stcture of prize money w where the regulatorsrs get to ep part of t ill gotten gains of anyny financial malefafactor thecatch. thatat's a reaincentive for regution. borrrrow the wstleblower bounty om the irs and you've gogot a real leveling g of the pying fieleld betweethe bad guys and e good guys. st of all, there will bebe no additional cosost to the gogove

obviously this wororksoror more anan jt the se i loveve seeary ginsler s set up somethihi similar toe thoil futuressmarket,hich has provenn itself to be about s eaeasyo o nipulate as a pennyny ststk k ev though it's infini infinitely more imimrtrtanto this natioion'economy. while we're a at , , whnot helple th examiners by rrrring a system atat works well for theeirs. if younow someone who is commititngng t fraud and y y repoportimim, you get cut if t e irs succeeds in gettttinthth money oweded. why not financicial reward whwhiseblowers? w wou have revealed madoff years ago. here's the bomomb lili, when it comes toenforcement an examamatatio the ssec would hav been a bigigaiailu. it needs a n newncnctive struructe e ofrize money where the regulators get too keep part of the ill gototnn gains of any financialalalactor they cah.h. ththat a a reall incentive for regulati regulationon borrow the whistleblblow b bnty from t thersrsand yououee got a real leveling o oththe playing field betwtweeththe d guys s d the good guys. be of all, there will bebenono addiditialalost to the vevernnt an

cftc chairman gary ginsler said new regulation and oversight is being considered for the energy trading community. critics say market fundamentals are driving prices and warn against heavy regulation. debating the topic in is sean coda from the petroleum marketers of america and walter zimmerman with united i cap. sean, in your testimony before congress today, you say it is abundantly clear that the large scale institutional investors specs lating in the energy market continue to act as the driving force behind prices. can you explain that position? >> you've got index funds that are with huge amounts of money because they have been told you need to diversify your portfolio into other commodities. they're not really investors or speculator. i guess this new terminology we've got called investculators. that's part of the problem of what we're seeing and part of what the discussion was today with position limits. >> walter? >> i think it's absolutely ludicrous to blame the speculators for this rally in energy prices. if you look at a chart of crude oil against the u.s. dollar, you see cle

chairman ginsler n n strangerr because e he b bee testifying a lolotonon capitol hillll recect front of cgressional commmmitesesbout the agency plans forrrerelatory rororm wantnttoto hr from sisinees, mamaetet participants anand consumers onon w wther toto s s posititi lilimi onllomommoty futures cocontctcts. the focusofof tt first hearing, possible limits on cdedeoil, heating oil, natural gagas and soline, energy commodities with a fine night pppply key iseeor market participants whoho sulul qualif for exemptions fromm those popotition limimits. some lawmakers s say hedge ememions should only go to ose who plan to buy t the commodity like a airnes who routinely y heee positions on contracts veveusus tse hedging commoditieiefufutu positions as part o of a risismamanament strategygy. last year when ll pricess sea cord, there were complaints and speculationistorted those future rkets. llthis against a a backdrdrop o pending anti-speculation n in congress ttt would d dirt the cftc toseset position limits an spell out in reports t t roles of swaps andedge fundsnn futures markets. arargs

am very proud that chairman peterson and i and other members of our committee, as well as chairman ginslerchairwoman shapiro have made very extra special efforts to avoid that. and i believe we have achieved that. and there will be some disagreements, but they will be based on substance. there are some areas where there were no disagreements. clearly, we will be significantly expanding the regulation of derivatives. and i want to address the issue that was raised by the very thoughtful gentleman from idaho, with whom i agree on most issues, not on the question of the merger. i will say if we were starting from scratch, i don't think we would have the current organizational structure. but we're not starting from scratch, and i don't think it is practical to talk about making those major changes. but i also say this. there have been some complaints that in what the obama administration has proposed, and i think they have a great deal of credit coming to them for the initiatives they are taking and a broad range of financial restructuring. and some of what we are talking about. some people co

am very proud that chairman peterson and i and other members of our committee, as well as chairman ginslerand chairwoman shapiro have made very extra special efforts to avoid that. and i believe we have achieved that. and there will be some disagreements, but they will be based on substance. there are some areas where there were no disagreements. clearly, we will be significantly expanding the regulation of derivatives. and i want to address the issue that was raised by the very thoughtful gentleman from idaho, with whom i agree on most issues, not on the question of the merger. i will say if we were starting from scratch, i don't think we would have the current organizational structure. but we're not starting from scratch, and i don't think it is practical to talk about making those major changes. but i also say this. there have been some complaints that in what the obama administration has proposed, and i think they have a great deal of credit coming to them for the initiatives they are taking and a broad range of financial restructuring. and some of what we are talking about. some peopl