This is from Newsalert. Very interesting.
The new Dodd-Frank bill has an usual provision in it. Never before could a U.S. financial exchange get a bailout from the Fed. But, now thanks to Dodd-Frank : America's largest futures exchange can get a direct line of credit from the Fed. Former CME board member Rahm Emanuel was Obama's Chief of Staff when Dodd-Frank was being pushed through Congress. There's more. The CME was shy about one of its' board members Jackie Clegg. Here's an L.A. Times flashback from March 19, 2010:
In the middle of a blog item about credit default swaps, Felix Salmon of Reuters drops the following nugget about Sen. Chris Dodd and the CME Group, which owns the Chicago Mercantile Exchange and the New York Mercantile Exchange.
"Dodd’s wife, Jackie Clegg, is a director of the CME, which paid her $153,219 in 2009; she also owns shares in the company worth about $235,000. (The CME makes no mention of her husband on its website or in its SEC filings, despite the fact that he’s surely a big part of the reason why she has the position.)"
Why is this notable?
Because Dodd, as the chairman of the Senate Banking Committee, is leading a charge to pass legislation from which the CME Group would likely benefit greatly.
So, who's now listed as two of the top ten largest institutional shareholders of the CME? None other than Goldmans Sachs and General Electric, the experts on rent-seeking and looting the taxpayers. Will Goldman Sachs and General Electric pull off another heist indirectly through there ownership of CME shares via Illinois taxpayers?