Faculty in the News - Archive
Friday, May 30, 2008Professor Michael GreenbergerWBAL Radio, CNN News, "American Morning"
- Michael Greenberger, JD, a professor at the School of Law and former director of the Commodity Futures Trading Commission (CFTC), discussed the recent drop in oil prices of more than $4 a barrel. "It is clear there is a connection between the fall of prices and the CFTC’s announcement of this investigation," he said. Yesterday the CFTC made public an investigation of U.S. oil markets and with a focus on possible price manipulation.
Friday, May 30, 2008Professor Michael GreenbergerBloomberg.com, CNN.com, BizRadio Network Houston The Mike Norman Show
- Late last week, the U.S. Commodity Futures Trading Commission (CFTC) announced that it was investigating U.S. oil markets for possible price manipulation by investors, banks, and hedge funds. After the announcement, the crude prices took their steepest decline in 2 1/2 months. Michael Greenberger, JD, professor at the School of Law and a former director at the CFTC, said, "The traders now know that someone is looking over their shoulder. There will be a lot of administrative and criminal litigation before the sun sets on this." Greenberger will testify on this issue tomorrow before the Senate Committee on Commerce, Science, and Transportation.
Friday, May 30, 2008Professor Michael GreenbergerThe Hedge Fund Law Report
- The market for credit default swaps (CDS) has exploded in recent years with contracts valued at more than $60 trillion worldwide, and the New York insurance superintendent wants to regulate CDS as insurance when the buyer owns the referenced asset. But research shows that the buyer is the asset owner only 20 percent of the time, while the other 80 percent consists of buyers who are betting on assets they do not own. In those cases, a CDS is an agreement between two parties where one party pays a premium to another party with the promise of a payoff if a designated third party defaults or breaches a financial contract. "All credit default swaps should be deemed insurance," said Michael Greenberger, JD, professor at the School of Law and a former director at the Commodity Futures Trading Commission.
Thursday, May 29, 2008Professor Michael GreenbergerMotherJones.com
- With home foreclosures nearing epic proportions, MotherJones.com argues one man should shoulder most of the blame: Phil Gramm, former senator from Texas. He sponsored the Commodity Futures Trading Act of 2000, which, once passed, allowed banks to continue transferring risk associated with subprime mortgages through the unregulated credit default swaps market. Michael Greenberger, JD, professor at the School of Law and a former director at the Commodity Futures Trading Commission, said unregulated swaps are at "the heart of the subprime meltdown." Greenberger said: "I happen to think Gramm did not know what he was doing. I don't think a member in Congress had read the 262-page bill or had thought of the cataclysm it would cause."
Wednesday, May 28, 2008Professor Michael GreenbergerWJZ-TV, Ch. 13, WJZtv.com
- A new report shows port security across the country may be lacking in the wake of the 9/11 terrorist attacks. With hundreds of cargo ships coming into the Port of Baltimore, loaded with containers from around the world, the new government report finds major gaps in homeland security. "If terrorists are taking a gamble, they have a 95 percent chance sneaking something through," said Michael Greenberger, JD, a professor at the School of Law and a former senior official in the Justice Department. He’s concerned for Baltimore's safety and criticized federal port security programs two years ago. That’s when we revealed only five percent of cargo coming into the country is actually physically inspected.
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