When Brooksley Born testified to the Congress about the impending dangers of the OTC derivatives market (a largely unregulated market) she was chided by Lawrence Summers, Robert Reuben, and Alan Greenspan, vilified by Congressional members, and eventually fired by President Bill Clinton. After several years the warning by Brooksley Born came to fruition when the meltdown of the American financial system unfolded with the failure of AIG, Lehman Brothers, etc. In light of these developments, why is it that Brooksley Born was fired, and that Timothy Geithner, Lawrence Summers, Robert Reuben, and Alan Greenspan were rewarded by both President Clinton and President Obama? It would seem to me that in a free-market system such as ours, people like Brooksley Born should be rewarded for being right, and her detractors (Reuben, Greenspan, and Summers) should be punished for being dead wrong. The reality ofcourse is that the one person who was right was fired (Brooksley Born), and the three or four (if you count Timothy Geithner into the mix) men who were wrong were rewarded with millions of dollars for being totally wrong. If America was truly a meritocracy, which it most certainly is not, then the rewards received by Summers, Greenspan, and Reuben would not have been forthcoming, and at the very least, they would have been removed from their respective positions of power over the American financial system after administration and Congressional players realized that Brooksley Born was right, and that they were wrong. If our leaders, namely President Obama in particular, prove to be as naiive in the future as they've been in the recent past, our financial future will be a dim one to say the least. I think if President Obama was capable (my argument is that he is incapable...to a fault) and had the best interest of the American people in mind, he would immediately fire Timothy Geithner, and replace him with Brooksley Born. As for Alan Greenspan and Robert Reuben, their legacies in the financial sector speak for themselves. Greenspan's philosophy of less regulation is better has proven to be one of history's greatest blunders, and Reuben, Geithner, and Summers all subscribed to the philosophy as though it was an infallible religious belief. What we now know for certain is that Robert Reuben, Alan Greenspan, Lawrence Summers, and Timothy Geithner are all inept, and that the top graduate from Stanford Law School is both capable, but also qualified to be Secretary of the Treasury.

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