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The Fed System: Banks Regulating Banks

 
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Mark
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Joined: 13 Nov 2007
Posts: 1052



PostPosted: Mon Oct 20, 2008 12:47 pm    Post subject: The Fed System: Banks Regulating Banks  Reply with quote

The Fed System: Banks Regulating Banks

http://www.accuracy.org/newsrelease.php?articleId=1843

Excerpt:

"One root cause of poor regulation of banks by the Federal Reserve is the underlying conflicts of interest at the 12 Federal Reserve Banks. Two-thirds of the board of directors in each of these Fed banks are voted onto the boards by the banks in the district. So the bankers are charged with regulating themselves.

"The Congress should immediately obtain the minutes of the Board of Directors meetings and the Board of Governors to see if the heads of the trillion-dollar superbanks that were on the boards of directors of the New York Federal Reserve Bank and other district Fed Banks have recused themselves from participating in any regulatory decisions in which their firms were participating. Bailout loans to banks should be at penalty rates with no coercion to take such loans. There should be an independent regulator, independent of the banks it regulates, staffed by experts in accounting, digital information systems, and fraud detection.
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Paul B
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Joined: 24 Oct 2008
Posts: 8



PostPosted: Wed Oct 29, 2008 7:12 pm    Post subject: Reply with quote

Yes "Independent" seems to be a swear word nowadays!.Also in the state social system(In Europe at least) any appeals against any decisions are sent to the very ones who made the decision in the first place!(Will they then change their minds!!!??ha ha Rolling Eyes !).

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