Shortly After The Audit the Fed Bill Passes, This Happens at the NY Fed

Shortly After The Audit the Fed Bill Passes, This Happens at the NY Fed

A federal investigation of the NY Fed sounds almost incestuous doesn’t it? So what task is someone suggesting for the fed snoop dogs now?

Why it’s Senators Elizabeth Warren and Sherrod Brown who both have (D) after their name proposing a federal investigation of the NY Fed and their relationship to a “Big Bank”, namely Goldman Sachs.

Never mind that buried in the litter of Harry Reid’s in-box is senate bill S.209 sponsored by Republican Senator Rand Paul. (And we all know what litter is used for.) S.209 is proposed legislation requiring an audit of all Federal Reserve Banks.

While Senator Paul’s bill languishes in the nether land, we have the big (D)’s discovering a need for something like this. I wonder if they told Harry about it.

What sets this apart from some other opportunities created for free speechifying before national TV by illuminating, illustrious and honorable legislators is the existence of a whistleblower with secret incriminating recordings which we can only hope don’t go down the black hole of lost emails. (Listen to them below.) The whistleblower, Carmen Segarra, is not some 30 year low level bureaucratic hack looking for a book deal to supplement retirement income.

Ms Segarra, 41, educated here and abroad with a law degree from Cornell, is also an accomplished linguist. She was hired by the Federal Reserve Bank of New York as a bank examiner and when in the course of her duties, she was asked to alter some of her findings that related to Goldman and conflicts of interest, she refused. She was fired and now has a wrongful termination lawsuit pending against the Fed.

“When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy. We learned this the hard way in 2008,” Warren stated after hearing about Segarra’s whistleblower report. (HuffPost)

The real question is, does “too big to fail” also mean too important to comply with regulations that might hamper doing big bank business? Is the NY Fed the only place in need of a Federal Investigation? Or is it that “Too Big” has become one big problem? Send us a tweet or comment on our Facebook page. Perhaps it is time to take a close look at Senator Paul’s proposal for routine monitoring instead of the ad hoc approach to solving “Big” problems.

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