Fed's "Public Rep" Bank Shilling Scandal

[marmar]

from the Working Life blog:





Fed's "Public Rep" Bank Shilling Scandal, Day Two: Crickets

by Jonathan Tasini
Wednesday 24 of August, 2011


Apparently, if you shill for the banks AND violate ethical standards set forth by the institution on whose board you sit, no one really cares. Not the editorial boards of newspapers. Not the transcribers of press releases (formerly known as "journalists"). Not elected officials. And not advocates for the public interest.

Nope. The sound we hear is: crickets. Nothing.

And it is a fine example about why the system is not changing.

....(snip)....

When a public official tries to do his or her job on behalf of the people, it is critical that the people--elected representatives, organizations who represent the people (like unions)--stand behind that person. ..........(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15272



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Fed's "Public Rep" Bank Shilling Scandal, Day Three: Conflict of Interest

by Jonathan Tasini
Thursday 25 of August, 2011


Over the last couple of days, I've written about the blatant ethical violations of Kathryn S. Wylde, a member of the Federal Reserve Bank of New York. One thing struck me in particular about the Fed's rules for its Class C directors:

Class C directors are prohibited from owning bank stocks, for example,...

Hmmm...which led me to ask Ms. Wylde:

Question #1: at any time during Ms. Wylde’s service as a director of the Federal Reserve Bank of New York, did she hold any bank stocks in her personal portfolio, or in any other financial instrument containing bank stocks over which she had control or partial ownership?

Question #2: if the answer to Question #1 is “yes”, what were those holdings and did she disclose those holdings to the Federal Reserve Bank of New York and/or to the Fed’s Board of Governors?

To her credit and the credit of her spokesperson at the Partnership for New York, a very timely and quick reply came:

Per Kathy, the answer to your question is no.

I take her at her word--but, just to make sure nothing slipped through the cracks or was forgotten (it is a small little detail after all), I've filed a Freedom of Information request with the Fed's Bank. Stay tuned. ............(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15275

[xchrom]

1. recommend

& thanks for the link to that blog.