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All Hail Senator Ted Kaufman


Simon Johnson on the one man fighting the Wall St machine:

Most notable has been the work of Senator Ted Kaufman, a Democrat
from Delaware (yes, a pro-business state), who has pressed tirelessly to
fix the most egregious problems in the US financial sector. Kaufman
understands that successful reform requires three ingredients: arguments
that persuade, the ability to bring colleagues along, and a good deal
of luck in the form of events that highlight problems at just the right
time. On two fronts, Kaufman has – against long odds – actually managed
to make substantial steps.

Long before it became fashionable, Kaufman persisted with the idea
that the US real estate boom was fueled in part by pervasive fraud
within the mortgage-securitization-derivatives complex, effectively at
the heart of Wall Street. This thesis is now gaining much broader
traction – major newspapers now report a broadening criminal probe by
the federal government – and by New York’s state attorney general – into
the US financial sector’s residential lending and related securities