New York Federal Reserve Building
Credit: www.nyc-architecture.com
As the Federal Reserve Bank of New York moved to beef up its oversight of Wall Street two years ago, the team charged with supervising the nation’s largest bank, JPMorgan Chase, was in turmoil.
New York Fed examiners embedded at JPMorgan complained about being blocked from doing their jobs. In frustration, some requested transfers. Top New York Fed managers knew about the problems, according to interviews and secret recordings of internal meetings obtained by ProPublica. Similar frustrations had surfaced among examiners at other banks as well.
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In meetings in early 2012, the manager, Johnathan Kim, described how bosses in the JPMorgan team had stymied examiners by blocking access to bank information and constraining independent inquiries in ways that “grinds everything to a halt.”
The […]
A person I came to know years ago named Paul Hellyer who happened to be a politician in Canada since 1949, and who had come up to the position of Deputy Prime Minister, wrote a wonderfull book entitled “Light At The End Of The Tunnel”. In it, he explained options to save the United States. By the way the subtitle of that book was “A Survival Plan For The Human Species”. Anyway, one of what I thought was the best of his many ideas was for the U.S. Government to take complete control of the Federal Exchange Commission by political appointees who were not associated with any profiteering bank people so real oversight could be maintained, and I truly believe this would work to some extent if they were given the power to prosecute injustices done by bankers. He had a lot of other brilliant ideas, too. He was a true progressive in and out of power.