Whistleblower secret audio: the Fed secretly serves the interests of big banks
by: J. D. Heyes
NaturalNews.com
Tuesday, October 21, 2014
If you have wondered whether the Federal Reserve actually served the interests of the country in general or those of moneyed self-interests, wonder no further: It’s not you the Fed is looking out for.
According to several reports, hours of devastating new audio that was secretly recorded by a now-fired bank examiner show that the New York Federal Reserve is far too lenient on the very Wall Street banks it is charged with regulating.
The examiner, Carmen Segarra, a former examiner at the NY Fed, made some 45 hours of audio tapes, capturing “former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive,” the New York Post said, citing original reporting by ProPublica and public radio’s This American Life.
Following the financial meltdown and Great Recession of 2008, Congress and Presidents Bush and Obama moved to tighten regulations on the nation’s banking and lending industries. Failure of the biggest banks had demonstrated the ability to collapse the U.S. economy and severely damage the global economy in turn, so lawmakers wanted reassurances that better controls were put in place. As noted by ProPublica:
The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown.
New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better?
She was exactly what the NY Fed needed
The Rest…HERE
