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

practices.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.