- Joined
- Nov 5, 2010
- Messages
- 39,958
h/t LRC: http://www.lewrockwell.com/lrc-blog/gary-north-this-means-you/
New Scrutiny of Goldman's Ties to the New York Fed After a Leak
http://dealbook.nytimes.com/2014/11/19/rising-scrutiny-as-banks-hire-from-the-fed/
Jessica Silver-Greenberg, Ben Protess and Peter Eavis (19 November 2014)
From his desk in Lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government.
The banker came to Goldman through the so-called revolving door, the symbolic portal that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed.
[...]
The leak strikes at the heart of questions about the ability of the New York Fed — the public’s eyes and ears on Wall Street — to maintain its independence from the banks it regulates. It also comes as a popular image of Goldman as a bank that puts profit above all has begun to fade.
Goldman, perhaps more than any other Wall Street bank, appears to be entwined with the New York Fed. While the firm and the Fed bristle at suggestions of coziness, they do swap the occasional employee. The New York Fed’s president, William C. Dudley, was once Goldman’s chief economist.
With the spotlight trained on the New York Fed, Mr. Dudley has come to the defense of his organization. Mr. Dudley said last month that “I don’t think anyone should question our motives or what we are attempting to accomplish.”
[... full article at link: http://dealbook.nytimes.com/2014/11/19/rising-scrutiny-as-banks-hire-from-the-fed/]
New Scrutiny of Goldman's Ties to the New York Fed After a Leak
http://dealbook.nytimes.com/2014/11/19/rising-scrutiny-as-banks-hire-from-the-fed/
Jessica Silver-Greenberg, Ben Protess and Peter Eavis (19 November 2014)
From his desk in Lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government.
The banker came to Goldman through the so-called revolving door, the symbolic portal that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed.
[...]
The leak strikes at the heart of questions about the ability of the New York Fed — the public’s eyes and ears on Wall Street — to maintain its independence from the banks it regulates. It also comes as a popular image of Goldman as a bank that puts profit above all has begun to fade.
Goldman, perhaps more than any other Wall Street bank, appears to be entwined with the New York Fed. While the firm and the Fed bristle at suggestions of coziness, they do swap the occasional employee. The New York Fed’s president, William C. Dudley, was once Goldman’s chief economist.
With the spotlight trained on the New York Fed, Mr. Dudley has come to the defense of his organization. Mr. Dudley said last month that “I don’t think anyone should question our motives or what we are attempting to accomplish.”
[... full article at link: http://dealbook.nytimes.com/2014/11/19/rising-scrutiny-as-banks-hire-from-the-fed/]
Last edited:
