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- The Fed Has a New Scandal On Its Hands: Colluding with Central Banks to Rig Libor; Evidence is Being Tweeted Out
The Fed Has a New Scandal On Its Hands: Colluding with Central Banks to Rig Libor; Evidence is Being Tweeted Out
by Pam Martens and Russ Martens Wall Street on Parade
The Fed has been under non-stop scandals for the past two years. It pumped out trillions of dollars in repo loans to Wall Street’s casino banks beginning on September 17, 2019 and then made up a hokey excuse to cover up its massive bailout of banks it is incompetent to supervise. After former Dallas Fed President, Robert Kaplan, was caught trading like a hedge fund kingpin while sitting on confidential Fed information, the Fed’s Board of Governors had the audacity to refer the matter to its own Inspector General, who reports to the Fed’s Board of Governors and can be fired by it. Not surprisingly, 19 months later there’s still no word on this investigation. Then there was the President of the St. Louis Fed, James Bullard, who was caught giving a private meeting with Citigroup clients. The New York Fed has been allowed to quietly set up a second trading floor for itself near the S&P 500 futures markets in Chicago.
Senator Elizabeth Warren has correctly sized up the current state of affairs at the Fed as “a culture of corruption.”