Another was to use foreign currency: the bank could lend, or accept a bill of exchange, in one currency and collect its debt in another, building a hidden rate of interest into the exchange rate.
Even as Paulson discusses tax issues with corporate leaders Thursday, the Senate Finance Committee will be marking up a bill that calls for greater oversight of currency exchange rates.
In the public sector, Bill Casey served as Chairman of the Securities and Exchange Commission, Undersecretary of State for Economic Affairs and President of the U.S. Export-Import Bank.
During my conversation with Cantor in Williamsburg, he seemed uncomfortable talking about his vote on the Senate bill and again pointed to the lack of spending cuts in exchange for the tax increases to which Republicans had acceded.
In addition, opposition legislators claim that officials offered political favours to members of Congress in exchange for their votes in the referendum bill.
These go much further than the corporate reform devised by the New York Stock Exchange and by Congress, in the form of the Sarbanes-Oxley bill, in response to the frauds at WorldCom and Enron, an energy trader.
In exchange for a more substantial energy-bill savings (5-10% of the summer's air-conditioning tariff), participating customers agree to an "Auto-Tune" of their Nest, a three-week adjustment period where the algorithms plan a regime that routinely rejiggers air-conditioning use during the day.
And Robert Cook, the head of trading and markets at the Securities and Exchange Commission, has over 100 different tasks assigned it by the bill, many of them in coordination with the CFTC.
FORBES: As Senate Passes Financial Reform, Wall Street Braces For What Comes Next
Since the Pensacola Federal Prison Camp commissary in Florida was only open one day a week, some inmates would run a "prison 7-Eleven" out of their lockers, reselling commissary items at a premium in exchange for mackerel, says Bill Bailey, who served three months last year on a computer-hacking charge.
WSJ: Mackerel Economics in Prison Leads to Appreciation for Oily Fillets
But a lot of my Fayetteville neighbors, who have young children, thought the supersized property tax bill was worth paying in exchange for world-class public schools.
Others, such as the effects of the proposed public option, public exchange and co-op, are much more difficult, and there are four versions of the bill in the House and Senate.
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