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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFed Reserve will review itself how it supervises large banks
The Federal Reserve is to launch a major review into whether it is too close to the banks it supervises, after a recent spate of criticism alleging that it is still in thrall to Wall Streets giants.
William Dudley, who heads the New York Fed and is consequently responsible for supervising most of the countrys largest banks, will tell a Senate committee later today that a new review into its supervisory practises will look specifically at the issue of regulatory capturethe idea that a supervisor tasked with upholding the public interest ends up under the influence of the companies it is supposed to be monitoring.
.......more
http://fortune.com/2014/11/21/stung-by-criticism-fed-will-review-how-it-supervises-large-banks/
In other news Richard Nixon will review himself in regards to the watergate case to see if ...... Oh never mind
Autumn
(45,120 posts)We need a special investigator. One that doesn't come from Wall Street. I'm fed up with this weasel shit.
Ichingcarpenter
(36,988 posts)This is a PR-engineered feel-good effort: another internal review where the organization finds itself clean, albeit with a few changes and maybe one or two people found scapegoated.
"We found nothing wrong during our reviews, except this one rascally employee who's responsible for all of your complaints. We fired him, so we're back to being a clean, honest organization only looking out for YOUR best interests, good citizens. THE SYSTEM WORKS!"
Autumn
(45,120 posts)see what they are doing.
Ichingcarpenter
(36,988 posts)AMSTERDAM -
Netherlands has retrieved in secret tons of stored in New York gold bars. De Nederlandsche Bank (DNB) confirms the gold shipments.
http://www.dnb.nl/nieuws/nieuwsoverzicht-en-archief/nieuws-2014/dnb315314.jsp#
Autumn
(45,120 posts)MisterP
(23,730 posts)lsewpershad
(2,620 posts)or these clowns we are all stupid.
Ichingcarpenter
(36,988 posts)The radio program This American Life is airing parts of secret recordings made by Carmen Segarra of meetings she attended at Goldman Sachs while acting as a regulator for the Federal Reserve. Segarra reveals a culture of corruption where the Federal Reserve participated in covering up malfeasance by Goldman Sachs. She was later fired by the Fed for allegedly refusing to falsify a report to help Goldman.
But, unbeknownst to the Fed, while an examiner of Goldman Sachs Segarra made 46 hours of secret recordings of the Fed and Goldman interacting. The interactions often involved the Fed helping Goldman evade regulations and cover up misdeeds. The tapes provide overwhelming evidence if any more evidence was needed that the Federal Reserve is a completely and hopelessly captured regulator and that it is subservient to the people and organizations it is supposed to be overseeing.
The job right from the start seems to have been different from what she had imagined: In meetings, Fed employees would defer to the Goldman people; if one of the Goldman people said something revealing or even alarming, the other Fed employees in the meeting would either ignore or downplay it. For instance, in one meeting a Goldman employee expressed the view that once clients are wealthy enough certain consumer laws dont apply to them. After that meeting, Segarra turned to a fellow Fed regulator and said how surprised she was by that statement to which the regulator replied, You didnt hear that.
This sort of thing occurred often enough Fed regulators denying what had been said in meetings, Fed managers asking her to alter minutes of meetings after the fact that Segarra decided she needed to record what actually had been said. So she went to the Spy Store and bought a tiny tape recorder, then began to record her meetings at Goldman Sachs, until she was fired.
You didnt hear that, could be the Federal Reserves official motto. The Segarra revelations offer concrete confirmation that the Fed, as currently structured, is a failed institution when it comes to regulating Wall Street.
This is not surprising when you look at who staffs the Fed. Segarras ultimate boss was New York Fed President William Dudley who previously served as a partner at Goldman Sachs and as Goldmans chief economist. Goldman Sachs co-chair of its Risk And Compliance Committees is E. Gerald Corrigan, the 10th president of the New York Federal Reserve. And around and around the revolving door goes.
Whether yet another revelation of corruption and collusion between the Federal Reserve and Wall Street banksters will induce any changes as to how the Fed operates is hard to say. But it is getting harder and harder for the Fed to plead ignorance to its own problems. Now those problems are available for all to see (and hear).
http://news.firedoglake.com/2014/09/26/secret-goldman-sachs-tapes-reveal-culture-of-corruption-at-federal-reserve/
Octafish
(55,745 posts)"Summers looked at Stiglitz like Stiglitz was some kind of naive fool who'd read too many civics books."
http://www.gregpalast.com/larry-summers-goldman-sacked/
woo me with science
(32,139 posts)Yes, the wolves will be looking into the matter of the missing chickens...
CORRUPTION.
L0oniX
(31,493 posts)the banksters.
Buns_of_Fire
(17,196 posts)that we are Practically Perfect in Every Way, in addition to our farts smelling like rose petals.
So breathe deep, America. We're looking out for you.
woo me with science
(32,139 posts)Ichingcarpenter
(36,988 posts)Federal Reserve put financial system at risk, Senate report finds
The Senate has rapped the Federal Reserve on the knuckles for the central banks failure to oversee big banks who bullied their way into dominant positions in commodities like copper and aluminum.
A report released today by the US Senate Permanent Subcommittee on Investigations announced subcommittee finds Wall Street commodities actions add risk to economy, businesses, consumers.
Senate investigators found that banks including Goldman Sachs, Morgan Stanley and JPMorgan bought metals warehouses, crude oil tankers and other prospects in the physical commodities world, then used these businesses to gain unfair advantages and influence markets.
Its time to restore the separation between banking and commerce and to prevent Wall Street from using nonpublic information to profit at the expense of industry and consumers, said retiring Sen. Carl Levin, who runs the committee.
http://www.theguardian.com/business/2014/nov/20/senate-report-fed-oversee-banks-commodities
sendero
(28,552 posts)..... this is the kind of idiocy that is spoon fed to Americans, and apparently they eat it up.
Nothing is going to change until the dollar and the economy collapses, I will guarantee you that.