A Look At One Regulator's Failure To Rein In Derivatives07:26
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Brooksley Born, appearing on the PBS Frontline episode "The Warning."  (K-ideas, Flickr)
Brooksley Born, appearing on the PBS Frontline episode "The Warning." (K-ideas, Flickr)

Twelve years ago, Brooksley Born headed an obscure government agency in the Clinton administration, where she tried to regulate risky financial instruments like derivatives.

Wall Street was able to stand in the way and stop the regulations from going through, and derivatives ended up at the heart of the 2008 financial crisis that almost sank the world economy. We speak to Born's former colleague, Michael Greenberger, about what lessons can be learned from Born's work in the '90s.

This segment aired on December 6, 2010.

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