From the 2009 News Archive
Prof. Greenberger Questions Latest Toxic Asset Plan
appeared on FoxBusiness.com Live and the CBS Evening News on March 23 and March 26, respectively, to give analysis of the Obama administration's latest proposals to mend the crippled economy.
On FoxBusiness.com Live, Prof. Greenberger cautioned that the administration's plan to buy up troubled assets from banks with a mix of private and public money could put taxpayers at risk.
"[Hedge funds, private equity, and banks] are putting down a small premium for possibly very large benefits, conversely the taxpayer is putting down most of the money for what could be very large losses," said Greenberger.
Three days later, Treasury Secretary Timothy Geithner outlined a proposed overhaul of the financial regulatory system that would subject derivatives traders and hedge funds to new government oversight. That night on the CBS Evening News, Greenberger quelled the fears of dissenters who adamantly oppose government intervention in private financial institutions.
"This proposal takes us back to a position not where the government takes over the economy, but where the government is an honest referee," he said.
View Professor Greenberger’s interview on FoxBusiness.com Live
View the CBS Evening News story featuring Professor Greenberger
From 1997-1999, Professor Greenberger was the director of the Division of Trading and Markets at the U.S. Commodity Futures Trading Commission, where he was responsible for supervising exchange traded futures and derivatives. He also teaches a course entitled "Futures, Options, and Derivatives" at the University of Maryland School of Law. As a result of his expertise and insight, Professor Greenberger has frequently appeared in the national media to discuss last summer’s record fluctuation of oil prices and the ongoing economic meltdown, and he has testified at various congressional hearings on those matters eight times since June 2008.
Posted by Jamie Smith on April 2, 2009.