Having read scads of stories about how this part of the Fed did something and this other part of the Fed did something else - it's funny to see Elliot say something like this:
Just as the millions in AIG bonuses obscured the much more significant issue of the $70 billion-plus in conduit payments authorized by the N.Y. Fed to AIG's counterparties, the small issue of Friedman's stock purchase raises very serious issues about the competence and composition of the Federal Reserve of New York, which is the most powerful financial institution most Americans know nothing about.Yeah, I know practically nothing about the NY Fed. Who are these guys?
Given the power of the N.Y. Fed, it is time to ask some very hard questions about its recent performance. The first question to ask is: Who is the New York Fed? Who exactly has been running the show? Yes, we all know that Tim Geithner was the president and CEO of the N.Y. Fed from 2003 until his ascension as treasury secretary. But who chose him for that position, and to whom did he report?Great column.
(and - as ever - H/t to CJR)
2 comments:
Yeah, it's a shame he happened to get 'outed' by one of the banks he was attempting to hold to account. Isn't it odd that the same banks could not seem to catch a Madoff whom they were apparently benefiting from, or perhaps a Stanford.
Truth, power here, you're finished.
Yes, I'm sure we're not the first people to wonder how a pol moving a few thousand dollars around warrants an FBI wiretap - but Harry Markopolos billion dollar tip off can't get the SEC off their collective butts.
Weak
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