Everything That's Wrong With the Federal Reserve Bank

October 07, 2014   |   October 2014 Bond Updates
The most astonishing revelation I learned about the nation's central bank is that it does not have the capability of discovering when one of the large money center bank members becomes insolvent. Larry Summers, former Treasury Secretary and now Harvard economics professor explained to me in the spring that this vacuum of oversight was the cause of missing the insolvency of Citigroup and Bank of America in 2007, more than a year before the September 2008 financial crisis peaked. (I have featured that incredible regulatory weakness in the paper I wrote as a Fellow of the Shorenstein Center for Media, Politics and Public Policy at Harvard's Kennedy School that can be read soon on the Shorenstein website.)

View more at: http://www.forbes.com/sites/robertlenzner/2014/10/03/everything-you-didnt-know-about-the-federal-reserve-board/
 
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