Jon Corzine - he put the “MF” in MF Global!
During the Clinton administration, he (Gensler) and other administration officials resisted efforts to regulate the complex instruments known as derivatives, which later contributed to the financial crisis. Now, Gensler is forcefully leading efforts to impose restraints on the industry.
Last year, the CFTC proposed tightening restrictions on what brokerage firms can do with customers’ funds. But the proposal met opposition from members of the industry, including Corzine. MF Global wanted the freedom to continue engaging in transactions by which it can essentially borrow funds from customers’ accounts.