The Fed’s governance and controls to prevent conflicts of interest have been repeatedly criticized by government auditors. When the GAO conducted an audit of the Fed’s bailout facilities during and after the 2008 financial crash, it found a litany of defects in how the Fed had operated these programs. Among the criticisms were that two-thirds of the contracts that the Fed awarded to manage its lending facilities were no bid contracts.
Worse yet, many of the no-bid contracts went to the very banks that the Fed was bailing out. This is a time when we will find out if SEC Chair Gary Gensler and U.S. Attorney General Merrick Garland are prepared to step in and properly serve the interests of the American people and restore credibility to the central bank of the United States."
WSOP, Was Boston Fed President Rosengren Trading with Citigroup’s Money?
"Once they are exposed, transgressions have no refuge but in audacious denials. And they have accomplices in all those who fear the same disclosures.”
Tacitus
"Impunity is epidemic in America. The rich and powerful get away with their heists in broad daylight. When a politician like Bernie Sanders calls out the corruption, the New York Times and Wall Street Journal double down with their mockery over such a foolish 'dreamer.' Our major institutions, the ones that should know better, are often gross enablers of impunity."
Jeffrey Sachs 2016
"And in some ways, it creates this false illusion that there are people out there looking out for the interest of taxpayers, the checks and balances that are built into the system are operational, when in fact they're not. And what you're going to see and what we are seeing is it'll be a breakdown of those governmental institutions. And you'll see governments that continue to have policies that feed the interests of -- and I don't want to get clichéd, but the one percent or the .1 percent -- to the detriment of everyone else."
Neil Barofsky
"Written by Carmen Segarra, the petite lawyer turned bank examiner turned whistleblower turned one-woman swat team, the 340-page tome takes the reader along on her gut-wrenching workdays for an entire seven months inside one of the most powerful and corrupted watchdogs of the powerful and corrupted players on Wall Street – the Federal Reserve Bank of New York.
In a nutshell, the whoring works like this. There are huge financial incentives to go along, get along, and keep your mouth shut about fraud. The financial incentives encompass both the salary, pension and benefits at the New York Fed as well as the high-paying job waiting for you at a Wall Street bank or Wall Street law firm if you show you are a team player."
WSOP, Wall Street's Dark Underbelly, 2019
Senator Elizabeth Warren, Comment to Fed Chair Jerome Powell, 28 September 2021
Stocks were wobbly, again.
Yields on Treasuries were rising at the longer tend of the curve, supporting a higher Dollar which has now taken the 94 handle quite handily.
Gold ans silver were hit again.
The physical inventories for Comex related trades are now at cautionary low levels.
Time to transfer more physical gold from West to East.
The revelations of abuses in key positions at the Fed are shocking.
Time for a another distraction. More theater, bread and circuses.
Are you not entertained?
Have a pleasant evening.
