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Bill Dudley, Former Kingpin of Darkness at the New York Fed, Now Urges Transparency at the Fed
by Gunnar Larson 06 Jan '24

06 Jan '24

https://wallstreetonparade.com/2024/01/bill-dudley-former-kingpin-of-darkne… Bill Dudley, Former Kingpin of Darkness at the New York Fed, Now Urges Transparency at the Fed By Pam Martens and Russ Martens: January 4, 2024 ~ William C. (Bill) Dudley, Former President of the Federal Reserve Bank of New York William (Bill) Dudley served as President of the New York Fed from 2009 to 2018. (He was previously an executive at Goldman Sachs.) During Dudley’s tenure at the New York Fed, it secretly oversaw the largest and darkest bailout of Wall Street mega banks in global banking history. A Bloomberg News reporter, the late Mark Pittman, battled in court for years to get the details of those bailouts released to the public. Today, the former kingpin of darkness at the New York Fed, Bill Dudley, had the audacity to pen an opinion column for Bloomberg News, urging – wait for it – more transparency at the Fed. The ironic title of Dudley’s column is (paywall): “If Only We Knew the Problems Facing America’s Banks.” (We do. See Federal Agency Study Contradicts Fed Chair: Finds Banking System Is Ripe for Another Crisis and Remains “Fragile and Uncertain.”) The hubris of Dudley’s reign at the New York Fed is perhaps only second to Robert Kaplan’s reign at the Dallas Fed. (Kaplan also came from Goldman Sachs.) Let’s start with Carmen Segarra, a lawyer and former bank examiner at the New York Fed, one of the 12 regional Federal Reserve Banks – but the only one with two trading floors and a money spigot to Wall Street. Segarra charged in a lawsuit filed in October 2013 that she was told to change her negative examination of Goldman Sachs by colleagues, who also obstructed and interfered with her investigation. According to her lawsuit, when she refused to alter her findings, she was terminated in retaliation and escorted from the New York Fed premises. After having her case tossed by a federal Judge whose lawyer husband was representing Goldman Sachs, Segarra turned over her 46 hours of secret tape recordings on the matter to ProPublica’s Jake Bernstein and public radio’s This American Life, creating a media frenzy. In early 2012, as JPMorgan Chase was making risky bets with derivatives in London, using deposits from its federally-insured bank in the U.S., its Chairman and CEO, Jamie Dimon, was sitting on the Board of Directors at the New York Fed. As Dimon’s bank was being investigated by the New York Fed, Jamie Dimon continued to sit on its Board, serving out his two terms which ended in late 2012. The derivatives debacle became infamously known as the London Whale trades where JPMorgan admitted to losing $6.2 billion of its bank depositors’ money. But it wasn’t the New York Fed that released a transparent report on the London Whale and the diabolical risk-taking with federally-insured deposits, it was the U.S. Senate’s Permanent Subcommittee on Investigations. A report in October of 2014 from the Federal Reserve’s Inspector General indicated that the New York Fed was advised of potential trouble in the Chief Investment Office at JPMorgan Chase on multiple occasions but failed to conduct a comprehensive examination that might have alerted it at an early stage to the wild gambles JPMorgan was making in derivatives with depositors’ money, leading to the London Whale scandal and $6.2 billion in losses. While the New York Fed was “supervising” JPMorgan, Bill Dudley was serving as the President of the New York Fed and his wife, Ann Darby, a former Vice President at JPMorgan, was receiving approximately $190,000 per year in deferred compensation from JPMorgan – an amount she was slated to receive until 2021 according to financial disclosure forms. According to the New York Fed’s web site, its “employees are subject to the same conflict of interest statute that applies to federal government employees (18 U.S.C. Section 208).” Under that statute, a spouse’s conflicts become the conflicts of the employee. As far as we can recall, Dudley is the only Fed Bank President to have been put through a public shaming before a U.S. Senate Banking Subcommittee. In November 2014, the Senate Subcommittee on Financial Institutions and Consumer Protection called Dudley to testify following the Segarra revelations. During the hearing, Senator Elizabeth Warren drilled down to just how Dudley saw his role as a regulator. In a revealing exchange, Dudley made it clear that he didn’t interpret his role as a cop on the beat, calling his job “more of a fire warden” to make sure the banking institutions are run well so that they’re not going to catch on fire and burn down. Warren shot back: “But you don’t think you should be doing any investigation; you should wait and see if it jumps in front of you.” Warren also brought out the fact that once the New York Fed learned that Goldman Sachs had fashioned a deal for the Spanish bank, Banco Santander, which a New York Fed employee called “legal but shady,” to dress up its capital, the New York Fed failed to bring the activity to the attention of European banking regulators. Citigroup, supervised by the New York Fed, burned down to a 99-cent stock while Dudley was President at the New York Fed. It would later be revealed via a Government Accountability Office audit that Citigroup had secretly received $2.5 trillion in cumulative emergency loans from the New York Fed from December 2007 to at least July of 2010 to resuscitate its sinking carcass. Dudley’s appearance at the Senate hearing was followed by testimony from David O. Beim, Professor of Professional Practice at Columbia Business School. Professor Beim was the author of a 2009 report, commissioned by the New York Fed, that was highly critical of how deferential the regulator was to the banks it was charged with supervising. The report made multiple recommendations for changing the culture. The existence of the report was revealed in the ProPublica story on the Segarra tapes. At the Senate hearing, Dudley admitted that he had never spoken with Professor Beim in the five years since the report was given to him but said many recommendations had been implemented. Related Articles: Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third If Wall Street’s Mega Banks Are Safe and Sound as the Fed Says, Why Do They Need a Half Trillion Dollar Bailout Facility at the New York Fed? Mission Creep or Creepy Mission: The New York Fed’s Trading Desk Has Ballooned to $6.59 Trillion Today from $576 Billion in 2008 The New York Fed Is Exercising Powers Never Bestowed on It by any Law New York Fed Has Allowed Dangerous Wall Street Banks to Have Lower Loan Loss Reserves than at time of 2008 Crash The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market” Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed Here’s Why the New York Fed Doesn’t Want You to See a Photo of Its Wall Street-Esque Trading Floor New York Fed Plans to Throw $2.93 Trillion at Wall Street’s Trading Houses Over Next Month as New York Times Remains Silent Is the New York Fed Too Deeply Conflicted to Regulate Wall Street? New Documents Show How Power Moved to Wall Street, Via the New York Fed Intelligence Gathering Plays Key Role at New York Fed’s Trading Desk FacebookTwitterWhatsAppLinkedInEmail

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Alaska Air Grounds Boeing 737 Max-9 Fleet After Fuselage Blowout
by Gunnar Larson 06 Jan '24

06 Jan '24

Alaska Air Grounds Boeing 737 Max-9 Fleet After Fuselage Blowout https://www.bloomberg.com/news/articles/2024-01-06/alaska-airlines-flight-m… Alaska Airlines will ground its entire fleet of Boeing Co. 737 Max-9 aircraft after a fuselage section in the rear part of the brand-new jet blew out shortly after takeoff.

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FBI: God Bless the USA
by Gunnar Larson 06 Jan '24

06 Jan '24

FBI God Bless the USA: https://www.instagram.com/reel/C1vqvjEs9f5/?igsh=MWFieXNyNmw2YTF4OQ== Gunnar

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BREAKING: US Supreme Court Takes Up Fight Over Idaho Abortion Ban
by Gunnar Larson 06 Jan '24

06 Jan '24

Gunnar Donald Arthur Peter Larson (aka Gang Buster) grew up in Idaho. Fun fact... BREAKING: US Supreme Court Takes Up Fight Over Idaho Abortion Ban <https://www.law360.com/health/articles/1779372?nl_pk=6422bbc2-a823-4be5-9a9…> By Theresa Schliep The U.S. Supreme Court on Friday granted an emergency application from Idaho asking the court to reinstate a state law criminalizing most abortions while the federal government pursues its case arguing that federal law requires abortion care in medical emergencies. Order List attached | Read full article » <https://www.law360.com/health/articles/1779372?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1779372?nl_pk=6422bbc2-a823-4be5-9a9…>

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Immigration Detention Should Offer Universal Legal Counsel
by Gunnar Larson 06 Jan '24

06 Jan '24

Immigration Detention Should Offer Universal Legal Counsel <https://www.law360.com/access-to-justice/articles/1782298?nl_pk=153d4a8a-6f…> Given the large backlog of immigration court cases and the more than 70% of people in immigration detention without counsel in 2023, the system should establish a universal right to federally funded representation for anyone facing deportation, similar to the public defender model, say Laura Lunn and Shaleen Morales at the Rocky Mountain Immigrant Advocacy Network. Read full article » <https://www.law360.com/access-to-justice/articles/1782298?nl_pk=153d4a8a-6f…> | Save to favorites » <https://www.law360.com/access-to-justice/articles/1782298?nl_pk=153d4a8a-6f…>

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Judge Lauds Trans Women Behind Colo. Prison Housing Deal
by Gunnar Larson 06 Jan '24

06 Jan '24

Judge Lauds Trans Women Behind Colo. Prison Housing Deal <https://www.law360.com/access-to-justice/articles/1782436?nl_pk=153d4a8a-6f…> By Daniel Ducassi A Colorado state judge on Thursday appeared inclined to approve $2.1 million in payouts for currently and formerly incarcerated transgender women and new housing options to settle their class action against state prison officials, with a named plaintiff calling the deal a "blueprint for other states." 3 documents attached | Read full article » <https://www.law360.com/access-to-justice/articles/1782436?nl_pk=153d4a8a-6f…> | Save to favorites » <https://www.law360.com/access-to-justice/articles/1782436?nl_pk=153d4a8a-6f…>

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Tim's kill list - a dollar short and a decade late
by pro2rat＠yahoo.com.au 06 Jan '24

06 Jan '24

Thank you Greg for throttling USG LEO, Karl Semich, who is on my kill list, along with his fellow G-men, Gunnar and Gramps. https://marc.info/?t=105949954900004&r=1&w=2 Tim's kill list - a dollar short and a decade late! What a fucking pussy that dipshit, loser was. An embarrassment to anarchy. Moving on . . . Visualizing the post-libertarian, networked world https://en.m.wikipedia.org/wiki/Peirce_quincuncial_projection#/media/File%3… Works the same on any anarchist dominated planet

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All
by notmotor 06 Jan '24

06 Jan '24

Hello everyone.Elon Musk has announced the launch of 6 Starlink satellites that will work directly with smartphones, and smartphones do not need to buy new ones. How does it work?

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[draft][epitaph] I'm So Confused
by Undescribed Horrific Abuse, One Victim & Survivor of Many 06 Jan '24

06 Jan '24

I'm so confused. And it seems like people and patterns are almost trying to constantly worsen this. It looks like they are confused too.

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Logan Paul Sues 'Con Artist' Co-Defendants In NFT Fraud Suit
by Gunnar Larson 05 Jan '24

05 Jan '24

Logan Paul Sues 'Con Artist' Co-Defendants In NFT Fraud Suit <https://www.law360.com/capitalmarkets/articles/1782323?nl_pk=abe82add-2a33-…> By Craig Clough YouTuber Logan Paul filed crossclaims on Thursday in Texas federal court against two of his co-defendants in a proposed class action alleging they orchestrated a cryptocurrency "rug pull," saying the shortcomings of the CryptoZoo gaming project are not his fault because he was duped by the two "con artists." 1 document attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1782323?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1782323?nl_pk=abe82add-2a33-…>

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