Items of some interest…

These are my recent Pin​board​.in links:

  • The Fed Audit — News­room: U.S. Sen­a­tor Bernie Sanders (Vermont)

    “To Sanders, the con­clu­sion is sim­ple. “No one who works for a firm receiv­ing direct finan­cial assis­tance from the Fed should be allowed to sit on the Fed’s board of direc­tors or be employed by the Fed,” he said. The inves­ti­ga­tion also revealed that the Fed out­sourced most of its emer­gency lend­ing pro­grams to pri­vate con­trac­tors, many of which also were recip­i­ents of extremely low-​​interest and then-​​secret loans. The Fed out­sourced vir­tu­ally all of the oper­a­tions of their emer­gency lend­ing pro­grams to pri­vate con­trac­tors like JP Mor­gan Chase, Mor­gan Stan­ley, and Wells Fargo.  The same firms also received tril­lions of dol­lars in Fed loans at near-​​zero inter­est rates. Alto­gether some two-​​thirds of the con­tracts that the Fed awarded to man­age its emer­gency lend­ing pro­grams were no-​​bid con­tracts. Mor­gan Stan­ley was given the largest no-​​bid con­tract worth $108.4 mil­lion to help man­age the Fed bailout of AIG. A more detailed GAO inves­ti­ga­tion into poten­tial con­flicts of inter­est at the Fed is due on Oct. 18, but Sanders said one thing already is abun­dantly clear. “The Fed­eral Reserve must be reformed to serve the needs of work­ing fam­i­lies, not just CEOs on Wall Street.””

    cor­po­ratism financial-​​crisis bankers-​​should-​​start-​​avoiding-​​lampposts-​​right-​​about-​​now