One of the most botched cases of conflict of interest abuse by a Federal Reserve official will forever remain the purchase of Goldman Sachs shares by Goldman Board Member, and FRBNY Board Member (the squid likes to keep its Federal Reserve puppets closely supervised) Stephen Friedman: an act strictly forbidden by the Fed itself. The action was so indefensible it led to Friedman's quitting shortly after disclosure of his transgression leaked. Yet the reasons why Friedman managed to effect this purchase of 37,000 shares of GS on December 17, 2008 is because he was granted a "waiver" by the Fed. A month ago, Chairman of the House Oversight Committee, Edolphus Towns sent a rather angry letter demanding an explanation from Ben Bernanke why he had allowed this blatant case of semi-insider trading to occur at the highest echelons of shadow government. Today, we find out that Towns is unhappy with the production provided by the Fed, and concludes "that senior officials had misgivings about granting the waiver but were ultimately overruled" and that "we believe a closer examination of this issue is necessary, especially when Congress is considering increasing the Fed’s powers.
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Read the rest here
3 COMMENTS:
Upset? I don't think the electorate has a pulse..you need a pulse to get upset.
As Rahm Eyes Exit
Financial Reform Bids Collapse Into Farce
Under the flaccid chairmanship of Pelosi crony Phil Angelides, the FCIC hearings have been built around empty exchanges. Angelides set the tone in the opening session, when he thanked the CEOs of Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America for their “thoughtful” written statements and then went on to ask Goldman boss Lloyd Blankfein to name “the two most significant things” for which he might apologize. Try as he might, Blankfein couldn’t really think of anything very serious.
http://www.counterpunch.org/andrew04082010.html
Did he say derivatives trading and criminal enterprise?hmmm....
StanfordUniversity — February 02, 2010 — Charles T. Munger, the Vice-Chairman of Berkshire Hathaway Corporation, discusses the current economic crisis with Professor Joseph A. Grundfest '78.
The Current Economic Crisis
http://tinyurl.com/y3bopql
says it all!
http://industry.bnet.com/energy/10004219/gulf-oil-spill-whos-to-blame-bp-halliburton-and-the-feds-are-all-implicated/
http://www.huffingtonpost.com/andy-borowitz/goldman-sachs-reveals-it_b_558774.html
http://www.huffingtonpost.com/andy-borowitz/goldman-sachs-reveals-it_b_558774.html?ref=fb&src=sp
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