NY Fed President Says Wall Street ‘Lacks Respect for the Law’

By: Friday November 8, 2013 9:30 am

Is there anyone left who doesn’t think Wall Street has a culture of corruption? Even the President of the New York Federal Reserve William Dudley, a former Chief Economist at Goldman Sachs, has now critiqued Wall Street’s open contempt for the rule of law. Dudley claimed the banksters have displayed “deep-seated cultural and ethical failures.”

 

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

Janet Yellen Set To Be First Female Federal Reserve Chair

By: Wednesday October 9, 2013 6:52 am

According to reports Janet Yellen is likely to be announced today as the first female chair of the Federal Reserve. Yellen’s nomination would come after the withdrawal of Larry Summers who proved too controversial to be confirmed by the Senate. Yellen is currently a vice chairwoman at the Fed and is currently considered to face an easy confirmation process by the Senate.

And How Many Divisions Does the Federal Reserve Have?

By: Friday October 4, 2013 8:18 am

A Federal Reserve that does not back the government will not be backed by the government.

FDL Movie Night: Money for Nothing: Inside the Federal Reserve

By: Monday September 23, 2013 4:59 pm

The Federal Reserve is a hundred years old this year. There’s not a whole lot to celebrate in its century long history–the intention might have been good, but the execution has kind of been disastrous. In tonight’s film, Money for Nothing: Inside the Federal Reserve, our guest filmmaker Jim Bruce takes us through the history of the Federal Reserve System and into the current mess.

Federal Reserve Program Is Socialism for the Rich

By: Friday September 20, 2013 12:50 pm

If you have followed any economic news at all you will have heard the term quantitative easing, or QE, which is technocratic shorthand for the Federal Reserve shoveling funds into Wall Street banks to produce a phenomenon known as the “wealth effect.” The wealth effect relies principally on trickery. The hope being that people will see higher asset prices, and in a self-fulfilling prophecy, invest and produce more thinking the economy is better – which will make the economy better. So endeth the theory.

The reality is the Federal Reserve’s QE program has made the rich a lot richer and done little to nothing for the poor and middle class.

Cornyn Will Oppose Larry Summers for Fed Chair

By: Friday September 13, 2013 8:30 am

President Obama still seems fairly determined to pick his close friend Larry Summers to run the Federal Reserve but the path to his Senate confirmation has just gotten a bit trickier. John Cornyn, the second highest ranking Senate Republicans, now says he will oppose Summers.

Come Saturday Morning: Elizabeth Warren Outfoxes Obama and Summers

By: Saturday September 7, 2013 6:45 am

I love Elizabeth Warren. She is exactly who Teddy Kennedy would have wanted in his Senate seat, and if there is an afterlife I’m sure he’s smiling as he watches her outfox the people trying to neutralize her.

August 2013 Jobs Report: “Good” News That Isn’t

By: Friday September 6, 2013 1:30 pm

Well the August Jobs Reports are in, and, as usual, the numbers were not as expected.

Sen. Cantwell Wants a Mea Culpa From Larry Summers

By: Friday August 16, 2013 7:28 am

Larry Summers’ path to confirmation to the Federal Reserves runs through the Senate Finance Committee, which Sen. Maria Cantwell (D-WA) sits on, and Cantwell doesn’t sound happy about his possible nomination.

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