While the discarded motor vehicle manufacturers, banks and other groups to the recent economic crisis left financial rescue plan a funny taste in the mouth of some Americans, a former U.S. regulator hopes efforts to prevent another panic go rotten.
The Commodity Futures Trading Commission is immersed in the drafting of dozens of rules to help increase once opaque OTC derivatives market surveillance widely blamed for exacerbating the recent financial crisis.
Among the rules must craft is what is the definition of an agricultural product?Courses, corn, cotton, soybeans and cattle, among others, fall into this area.
But what these "other"food such as Brussels sprouts, artichokes, cauliflower, or with curry? A former President of the CFTC says they are "abhorrent to American sensibilities" and should be banned.
"Like every American citizen, there are certain agricultural products which are hateful to me", says Philip McBride Johnson, who is now the law firm Skadden, Arps, Slate, Meagher and Flom.
In a letter from his former agency comments, he said that there is a "natural link" between the definition of agricultural products and a provision in an act that require the regulator to protect the public by prohibiting the list of certain products which "are abhorrent to American sensibilities.
Clearly prohibited under this Act are financial products based on wars, terrorism and assassinats.Si Johnson carries out its objectives, regulators will be able to protect consumers from a dozen of foods that are consistent with his palace.
"I truly hope that the Commission loses not this rare opportunity to rid the world of these terrible excuse for agricultural products, and I appreciate this opportunity to contribute to the proper public", he said.
To display the letter by Mr. Johnson, go to: http://link.reuters.com/wez29p
Photo credit: Reuters/Darrin Zammit Lupi (farm workers harvesting artichokes, California April 2008)
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