One by one, Gary Gensler's supporters deserted him. Now thechief U.S. regulator of derivatives was being summoned by TreasurySecretary Jacob J. Lew to explain why he refused to compromise.
Banks and lawmakers, as well as financial regulators from aroundthe world, had besieged Lew with complaints about Gensler'scampaign to impose U.S. rules overseas.
The July 3 meeting in Lew's conference room with a view of theWhite House grew tense, according to three people briefed on it.Gensler argued his plan was vital if the U.S. hoped to seizemeaningful authority over financial instruments that helped pushthe global economy to the brink in 2008, taking down AmericanInternational Group Inc. (AIG) and Lehman Brothers Holdings Inc.and igniting the worst recession since the 1930s.
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