New York Fed Head William Dudley to Give Yet Another Speech on Wall Street’s Corrupt Culture

By: Friday November 21, 2014 10:30 am

Former Goldman Sachs Chief Economist and current President of the New York Federal Reserve, William Dudley, is preparing to once again speak on Wall Street’s corrupt culture. He’s not going to do anything about it, but he does love to talk (and talk and talk) about how Wall Street’s culture of corruption is creating instability and distrust in the financial markets.

Dudley’s latest critique of Wall Street’s culture will come today before a Senate Banking subcommittee, right on the heels of revelations that a former New York Fed official who went to work for Goldman Sachs gained access to confidential information with help from someone at the New York Fed.

 

Goldman Sachs Gained Inside Information From New York Fed

By: Thursday November 20, 2014 8:56 am

Apparently that recent study showing banking culture is corrupt in essence is not so far off the mark as it has now been revealed that Goldman Sachs received inside information from the New York Federal Reserve. It is not just the banksters or the regulators but a culture of corruption which has led to a seemingly endless series of corruption stories coming out of Wall Street and Washington.

In what is being called a “leak,” a former regulator with the New York Fed joined Goldman Sachs and used his contacts at the Fed to gain access to inside information for his new employer.

Regulators Fine Banks For Rigging Foreign-Exchange Benchmarks

By: Wednesday November 12, 2014 9:02 am

Regulators in the US, UK, and Switzerland have levied fines on banks for rigging benchmarks used by fund managers to determine what they pay for foreign currency in the foreign exchange (forex) market. The fines add up to $4.3 billion in total so far – not exactly a heavy hit on the Too Big To Fail banks. Not even much of a disincentive to not do it again.

JPMorgan Facing New Investigation, Citigroup and HSBC Set Aside Funds for Legal Problems

By: Tuesday November 4, 2014 1:30 pm

JP Morgan, Citigroup, HSBC setting aside millions for legal fees for ongoing investigations.

Wall Street Banks Already Breaking Law Again, Violating Settlements With Prosecutors

By: Thursday October 30, 2014 9:46 am

Brace yourself for an epic shock – Wall Street is breaking the law again.

After a couple of years of questionable compliance with legal settlements the banksters are now straight up violating the terms of the deals prosecutors and regulators struck as an alternative to criminal charges. Apparently, as has been argued by everyone not dim or bought, settlements do not work to stop criminal behavior. Something prosecutors seem genuinely surprised by as they are having to reopen old settlements because the banks are back to their old tricks.

After Corruption Scandal Federal Reserve Says It May Start Enforcing Law

By: Tuesday October 21, 2014 11:20 am

In the aftermath of the exposure of the Federal Reserve collaborating with Goldman Sachs to prevent the bank from being accountable for breaking the law, Fed officials warned Wall Street that if banks did not cut back on reckless and criminal behavior they might finally face penalties including being broken up. The warnings were issued by Federal Reserve Governor Daniel Tarullo and Federal Reserve Bank of New York President William Dudley in speeches behind closed doors. The prepared remarks were published and appear to indicate an attempt to change the corrupt culture at the Federal Reserve.

Elizabeth Warren Says Obama Administration “Protected Wall Street Not Families”

By: Monday October 13, 2014 1:14 pm

Senator Elizabeth Warren condemned the Obama Administration for perpetually siding with Wall Street instead of Wall Street’s victims. In an interview with Salon conducted by Thomas Frank, Senator Warren noted her frustration with the economic team President Barack Obama put together and claimed that they promoted the interests of Wall Street rather than families losing their homes, students mired in debt, and clients that had been defrauded.

Bank of America’s No-Bid Prison Contract Facing Criticism in Congress

By: Friday October 10, 2014 11:52 am

The prison banking industry is really taking off with an assortment of small time players on the state level snatching all the taxpayer and prisoner money they can. But one of the Too Big To Fail Wall Street banks has it locked up on the federal level. And surprise surprise they have friends at Treasury ready to give them special deals.

SEC Official Supports Libya’s Claim Against Goldman Sachs

By: Tuesday October 7, 2014 11:30 am

Though Goldman Sachs has already admitted in court documents that it bribed officials working for Libya’s sovereign wealth fund, the claim brought by Libya concerning fraud remains contested. Libya’s sovereign wealth fund known as the Libyan Investment Authority (LIA) has accused Goldman Sachs of putting the fund in over $1 billion worth of high risk losing trades so Goldman could pocket $350 million in fees.

Todd Gitlin: As the Globe Warms, So Does the Climate Movement

By: Thursday October 2, 2014 6:02 pm

Don’t call it a “march.” It was a “stand” — and a first stand at that, not a last one. The People’s Climate March, billed as the largest climate demonstration in history, more than exceeded expectations and was an experience that has yet to desert me. Its moment couldn’t have been grimmer in global warming terms. That week, record-breaking concentrations of greenhouse gases were reported in the atmosphere, with the added grim news that the oceans and the forests, the planet’s major “carbon sinks,” were starting to absorb less CO2. Under the circumstances, I had the urge to do my bit to make the march huge and so organized a group of 16 friends and family members, ranging in age from 2 to 72. Marchers were to gather on New York’s Central Park West between 86th Street and Columbus Circle at 59th, where the event was to kick off at exactly 11:30 a.m. At 11, when our crew arrived at 72nd Street, designated as a meeting place for children, families, and oldsters like me, the main route along Central Park West was already jam-packed and feeder streets like ours were filling fast.

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