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In reply to the discussion: Banking Is a Criminal Industry Because Its Crimes Go Unpunished [View all]Octafish
(55,745 posts)55. Eliot Spitzer explains the What's What and the Who's Who in the continuing Great Fraud.
Libor Scandal: Why the N.Y. Fed Must Be Investigated
By Eliot Spitzer
Slate.com
Posted Monday, July 16, 2012, at 10:39 PM ET
EXCERPT...
The New York Federal Reserve knew about Libor games being played by the banks years ago and seems to have done precious little about itexcept perhaps send a memo parroting the so-called reform ideas proposed by the banks themselves. Then nothing more. No prosecutions, no inquiries of the banks to see if the illegal behavior had stoppedjust a live-and-let-live attitude.
Of course, this was the New York Fed led by Tim Geithnerwho testified at his confirmation hearings to be treasury secretary that he had never been a regulator. Huh? As president of the N.Y. Fed, he was the most important regulator out there, and he didn't even know it?
SNIP...
Meanwhile, Hank Greenberg of AIG and John Whitehead of Goldman Sachs--these companies that got bailed outwere on the NY Fed committee that made Tim Geithner their president.
Was there a similar conflict of interest when the New York Fed apparently did nothing adequate about the Libor games? Well, look who was on the board: Dick Fuld of Lehman fame; Sandy Weill of Citibank; Jeff Immelt of GEthe largest beneficiary of the Fed's commercial paper guarantees; and, of course, Jamie Dimon of JPMorgan Chase, whose bank's London derivative trades and Libor involvement make his role on the board even more absurd.
CONTINUED...
http://www.slate.com/blogs/spitzer/2012/07/16/libor_scandal_why_the_new_york_fed_must_be_investigated_.html
By Eliot Spitzer
Slate.com
Posted Monday, July 16, 2012, at 10:39 PM ET
EXCERPT...
The New York Federal Reserve knew about Libor games being played by the banks years ago and seems to have done precious little about itexcept perhaps send a memo parroting the so-called reform ideas proposed by the banks themselves. Then nothing more. No prosecutions, no inquiries of the banks to see if the illegal behavior had stoppedjust a live-and-let-live attitude.
Of course, this was the New York Fed led by Tim Geithnerwho testified at his confirmation hearings to be treasury secretary that he had never been a regulator. Huh? As president of the N.Y. Fed, he was the most important regulator out there, and he didn't even know it?
SNIP...
Meanwhile, Hank Greenberg of AIG and John Whitehead of Goldman Sachs--these companies that got bailed outwere on the NY Fed committee that made Tim Geithner their president.
Was there a similar conflict of interest when the New York Fed apparently did nothing adequate about the Libor games? Well, look who was on the board: Dick Fuld of Lehman fame; Sandy Weill of Citibank; Jeff Immelt of GEthe largest beneficiary of the Fed's commercial paper guarantees; and, of course, Jamie Dimon of JPMorgan Chase, whose bank's London derivative trades and Libor involvement make his role on the board even more absurd.
CONTINUED...
http://www.slate.com/blogs/spitzer/2012/07/16/libor_scandal_why_the_new_york_fed_must_be_investigated_.html
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True. There are good bankers, as well. The point is the bad go unpunished for their crimes.
Octafish
Dec 2012
#4
I think we are mainly talking about investment banks here and not "home town" banks and not
byeya
Dec 2012
#6
I would not be surprised if Schumer used his influence to keep her off a committee where
byeya
Dec 2012
#19
Question - Why did Lehmman, Bear, and Merrill Lynch bankrupt themselves?
banned from Kos
Dec 2012
#9
Face the facts. 100's of financial excutives have been indicted and/or convicted
banned from Kos
Dec 2012
#25
Yes, that is the case but it is certainly not an "explicit subsidy" Why is Black so wrong?
banned from Kos
Dec 2012
#47
Any crime that goes unpunished will be repeated if there's money innit.
Baitball Blogger
Dec 2012
#10
Eliot Spitzer explains the What's What and the Who's Who in the continuing Great Fraud.
Octafish
Dec 2012
#55
Criminals have migrated into banking as a legit way to make $$$$$ without the hassle of
RKP5637
Dec 2012
#29
Yes. You don't need "evidence". You don't need "proof beyond a reasonable doubt".
Nye Bevan
Dec 2012
#36
"Some will rob you with a six-gun, And some with a fountain pen." Woody Guthrie
Tierra_y_Libertad
Dec 2012
#40
They will continue to pencil America out of her eye teeth because they can and no one is doing a
lonestarnot
Dec 2012
#58