Warren Responds To "This American Life" - Calls for Hearings on New York Fed Allegations

[kpete]

Warren Calls for Hearings on New York Fed Allegations
By Matthew Boesler and Kathleen Hunter Sep 26, 2014 9:00 PM PT 368 Comments Email Print

U.S. Senator Elizabeth Warren called for congressional hearings into allegations that the Federal Reserve Bank of New York has been too deferential to the firms it regulates.

A radio program about the regional Fed bank raised “disturbing issues” and “it’s our job to make sure our financial regulators are doing their jobs,” Warren, a Massachusetts Democrat and member of the Senate Banking Committee, said in a statement yesterday.

The program “This American Life” released the transcript of a broadcast http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra that includes excerpts of conversations it said were secretly recorded by Carmen Segarra, a former New York Fed bank examiner who was fired in 2012, with some of her colleagues and her supervisor.

In the transcript, Segarra described how she felt that her Fed colleagues were afraid of Goldman Sachs Group Inc. and handled it with kid gloves.


MORE:
http://www.bloomberg.com/news/2014-09-26/new-york-fed-denies-allegations-of-bank-supervision-lapse.html

[NYC_SKP]

1. "President Warren"..... It sounds so good.

I could get used to that.

[MerryBlooms]

2. I posted about the episode earlier today, one person gave a carp.

Now that Warren is calling attention to it, hopefully more will take notice.

http://www.democraticunderground.com/10025592130

536: The Secret Recordings of Carmen Segarra Sep 26, 2014
An unprecedented look inside one of the most powerful, secretive institutions in the country. The NY Federal Reserve is supposed to monitor big banks. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she got a tiny recorder and started secretly taping.

http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra

Excellent episode.

[adirondacker]

22. Thank You. I read it and didn't comment because I hadn't listened to it. Hopefully this thread

garners more of a conversation and comment once people have the chance to listen to it (about an hour).

[MerryBlooms]

23. I sure hope you're right.

I'm going to listen to it again this afternoon to let it really sink in. I was baking ginger snaps at the time of the original airing, so I was somewhat distracted.

[TreasonousBastard]

3. I listened to this earlier-- it was...

an extraordinary expose of Fed workings

[MerryBlooms]

4. kick

[glinda]

5. Love This American Life.

[mucifer]

6. True investigative journalism. I hope they can make changes.

I doubt they will. The big banks pay the politicians too much money to do their bidding.

[adirondacker]

7. Beautiful! Carmen is Awesome!

Red Flag!

[rhett o rick]

8. Bravo Sen Warren, bravo Ms. Segarra. Thanks for posting. nm

[JDPriestly]

9. Enumerated powers of Congress

U.S. Constitution, Article I, section 8

The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;
. . .

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

To provide for the punishment of counterfeiting the securities and current coin of the United States;

To establish post offices and post roads;

. . . .

To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.

http://www.law.cornell.edu/constitution/articlei

Congress should pass laws all laws necessary and proper to carry out its authority to "to coin money, regulate the value thereof , , , ,"

The Fed should not have so much power over the value of money and over our commerce, over our trade. Congress should "regulate commerce with foreign nations, and among the several states, and with the Indian tribes." not the Fed.

Our financial system is way out of its place. It opposes democracy or self-government in any form by the people. Our banks are corrupt and have too much unchecked power.

We need banks, but they should, like others in service industries -- lawyers, doctors, real estate agents, other professionals, be required to function according to strict ethical rules. They should either invest their own money or the money of others. Those who run the banks should not be betting against bank customers on the stock or commodity or other markets.

A lawyer is not allowed to represent a client in a court while betting against the client's interests outside the courtroom. Generally in the professions the professional cannot represent or take a position that harms the client or patient.

Why should bankers be able to betray the interests of their clients and depositors? Bankers like members of other professions should be required to consider the public interest in their work.

[JEB]

10. GS is sucking the life out of our country.

[Phlem]

11. Thanks kpete!

you've made my day, as has Warren.

[kpete]

25. breath of fresh air

isn't she?

peace,
kp

[aikoaiko]

12. I'm glad TAL bounced back from the China fiasco

This was an important news piece.

[cantbeserious]

13. Sunlight Is The Best Disinfectant - Accountability - Not In This Lifetime

eom

[red dog 1]

14. K&R...Thanks for posting

God, I hope she runs for POTUS!

[Doctor_J]

15. I just read on du that prosecuting white collar criminals wouldn't be a deterrent

to their crimes . To be honest I don't think the poster really believes it, he was just making a pathetic attempt to defend holder's record.

Oil up the guillotine.

[Scuba]

17. I saw that lame post. Amazing.

[woo me with science]

16. K&R

Time to start turning over all the slimy rocks.

CORRUPTION.

[Scuba]

18. K&R

[sendero]

19. It's nice to have concrete evidence..

... but this is nothing that lots of folks didn't already know.

[adirondacker]

20. It's a shame you have to record your conversations to "win" any argument with the corrupt

establishment.

One of my Uncle's advised me early on to "take notes". Those notes are meaningless when you have the manipulation from the top down to shut everyone up under the guise of employment security. ie noone will step forward if they feel the least bit of threat.

Carmen acted bravely and wisely.

[Gothmog]

21. The bankers have been trying to gut Dodd Frank

This American Life episode was great

[adirondacker]

24. K&R for sunday evening crowd. nt