Thursday, 18 December 2014
Last updated 16 hours ago
Jan 3 2014 | 11:44am ET
Gary Gensler, who proved an aggressive regulator in spite of his Wall Street background, ended his nearly five years atop the Commodity Futures Trading Commission today.
Gensler, a former Goldman Sachs partner, became one of the leading voices for tough new rules for his one-time colleagues, raising the profile of the CFTC, long seen as a very, very junior partner to the Securities and Exchange Commission. Gensler's push for stringent rules continued to the very end, as he held out for a stronger Volcker rule—barring banks from proprietary trading and strictly limiting their alternative investments activities—than original proposed and forcing through unpopular new swaps rules.
"His aggressiveness was exactly what was necessary," former SEC Chairman Mary Schapiro said. She added, joking about Gensler's reputation for hard work and long hours, "at the end of the day, he was a deal-maker. Of course, it was really at the end of the day."
Gensler will be succeeded on an interim basis by CFTC Commissioner Mark Wetjen, a fellow Democrat with whom he frequently sparred. President Barack Obama has nominated former Treasury official Timothy Massad to take the job on a permanent basis.
Gensler told The New York Times that his current plans are to be a stay-at-home father for his youngest daughter. Gensler's wife died of breast cancer in 2006.
"I assume my professional life will sort itself out," he told the newspaper.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.