NY Fed President Says Wall Street ‘Lacks Respect For The Law’

By: Friday November 8, 2013 8:47 am

Is there anyone left who doesn’t think Wall Street has a culture of corruption? Even the President of the New York Federal Reserve William Dudley, a former Chief Economist at Goldman Sachs, has now critiqued Wall Street’s open contempt for the rule of law. Dudley claimed the banksters have displayed “deep-seated cultural and ethical failures.” [...]

New York Fed Tries To Seal Lawsuit From Examiner Fired For Taking On Goldman Sachs

By: Wednesday October 16, 2013 8:29 am

The New York Federal Reserve was not content with just firing Carmen Segarra for taking on Goldman Sachs now they are trying to have her lawsuit sealed. The NY Fed’s justification for sealing the documents and parts of the complaint is the accusation that Segarra stole the documents she is using in her case. In [...]

New York Federal Reserve Fired Examiner Who Took on Goldman Sachs

By: Friday October 11, 2013 7:32 am

Former New York Federal Reserve Bank Examiner Carmen Segarra has a filed a wrongful termination lawsuit against the New York Federal Reserve. In the suit Segarra claims that while acting as a bank examiner for the NY Fed she was told to falsify findings on Goldman Sachs and when she refused was fired. Under a [...]

UBS Fined $1.5 Billion, Pleads Guilty to Fraud Charge in Libor Case

By: Wednesday December 19, 2012 8:30 am

Swiss bank UBS will pay $1.5 billionfor their role in the Libor rate-rigging scandal. The sum is over three times the fine imposed on Barclays Bank for the same violations. UBS also admitted to one count of wire fraud in its Japanese unit, according to the Justice Department. Much of the rate rigging in the [...]

Interest on Excess Reserves: Another Little Treat for the Big Banks

By: Tuesday August 28, 2012 7:44 am

Time to put everyone to sleep with a rousing discussion of interest on excess reserves. Gaetano Antinolfi and Todd Keister of the New York Federal Reserve have written an article about the Fed’s practice of providing interest on “excess reserves” from banks, who stash their money at the central bank and collect a small fee [...]

Geithner Raked Over the Coals in House Committee About Libor

By: Wednesday July 25, 2012 9:35 am

Tim Geithner is testifying before the House Financial Services Committee on a number of issues today. It looked like he would skate by without questions on the Libor scandal until Scott Garrett, an unlikely source, tore into him: Garrett’s anger was different. Why? Because he was most upset that Geithner had four years, and meeting [...]

Libor Revelations Reflect Badly on Everyone Involved

By: Tuesday July 17, 2012 7:35 am

Speaking of bank fraud, the British Parliament continued their investigation into Barclays Bank and the Libor scandal this week, and it’s just getting worse and worse for everyone involved. Yesterday, Jerry del Missier, the former COO of Barclays, testified that he was instructed by CEO Bob Diamond to manipulate the Libor down in 2008, to [...]

Libor Scandal Highlights Regulatory Failure

By: Monday July 16, 2012 6:55 am

I said yesterday that I could actually envision a few criminal prosecutions on Libor rate-rigging in the coming months. We know that plenty of banks are involved – I don’t think Barclays warned their employees about additional revelations at other banks, they simply prepared them for it, as a pretext to assuring that the heat [...]

Barclays Employee to NY Fed, 2008: “we know that we’re not posting um, an honest Libor”

By: Saturday July 14, 2012 1:14 pm

As part of the release of data from the New York Federal Reserve Bank yesterday, a phone transcript revealed that a Barclays employee admitted to the regulatory body that their submissions of the interest rate benchmark, Libor, were fraudulent, and that they assumed all other banks engaged in the same practice. Here’s the transcript of [...]

In Response to Massive, Multi-Trillion-Dollar Fraud, Geithner Sent a Memo

By: Friday July 13, 2012 6:10 am

The flames of the Libor scandal have been creeping up under the feet of Treasury Secretary Timothy Geithner. Evidence showed that the New York Fed found out about the rate-rigging from Barclays and other banks in 2007, when Geithner was still the bank President. This appeared to display regulatory impotence in the face of massive [...]

Libor Scandal: Let’s Give Regulators Some of the Blame

By: Tuesday July 10, 2012 11:03 am

As the Libor scandal intensifies, some of the scrutiny has shifted from the role of the banks to the role of the regulators who potentially either actively ignored the rate-rigging happening under their noses, or outright encouraged it. This was the accusation leveled by former Barclays Bank CEO Bob Diamond (who stands to still get [...]

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