Shortly after she was named to head the Commodity Futures Trading Commission in 1996, Brooksley E. Born was invited to lunch by. then Fed. Chair Alan Greenspan.
“Well Brooksley, I guess you and I will never agree about fraud.” Born, in a recent interview, remembers Greenspan saying.
“What is there not to agree on?” Born says she replied.
“Well, you probably will always believe there should be laws against fraud and I don’t think there is any need for a law against fraud,” she recalls.
Greenspan, Born says, believed the market “would take care of itself.”
-Rick Schmit: “Prophet” in the Stanford Magizine