Political Glance
So who selected Geithner back in 2003? Well, the Fed board created a select committee to pick the CEO. This committee included none other than Hank Greenberg, then the chairman of AIG; John Whitehead, a former chairman of Goldman Sachs; Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase; and Pete Peterson, a former chairman of Lehman Bros. It was not a group of typical depositors worried about the security of their savings accounts but rather one whose interest was in preserving a capital structure and way of doing business that cried out for—but did not receive—harsh examination from the N.Y. Fed.
The New York Fed is the most powerful financial institution you've never heard of. Look who's running it.
Former CIA agent slams Cheney as ‘hypocritical’
Speaking on a Sunday talk show, former Vice President Dick Cheney continued to attack President Barack Obama for releasing Bush memos that authorized waterboarding and other harsh interrogation tactics that may have amounted to torture. Cheney wants Obama to release more memos that he says will prove valuable intelligence was gleaned from the questionable interrogation tactics.
Former CIA special agent Jack Rice called Cheney “hypocritical” for calling for the release of memos after leaving office. “If he wanted to release these before [leaving office] he could have,” said Rice.
Obama wants Fed to be finance supercop
The White House told industry officials on Friday that it is leaning toward recommending that the Federal Reserve become the supercop for "too big to fail" companies capable of causing another financial meltdown.
According to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups, the administration made it clear it was not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators.
TVNL Comment: This should tell you who owns Obama....and the answer is not the American citizens!
VIDEO: Fed Inspector General Knows Roughly Nothing About The Fed
The inspector general tasked with overseeing and auditing the Federal Reserve knows pretty much nothing about what the Fed is doing. That's the conclusion that comes from watching the exchange Tuesday between Rep. Alan Grayson (D-Fla.) and inspector general Elizabeth A. Coleman.
Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September.
She appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet exchanges.
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Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September.
She appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet exchanges.
Madoff secretary: His silence is protecting others
Bernard Madoff's longtime secretary said Wednesday that she believes the disgraced financier is not cooperating with authorities in order to protect others, and that he was a flirtatious boss who frequented massage parlors.
Biden to appear at AIPAC
The announcement that Biden will speak Monday morning comes a day after a victory for the group and the pro-Israel community; the Justice Department decided to drop charges of mishandling classified information against two former AIPAC staffers.
The conference, a chance for AIPAC to flex its unmatched Beltway muscle, is expected draw 6,500 people, and a phalanx of top officials of both parties. Other speakers include Senate Foreign Relations Committee Chairman John Kerry, Newt Gingrich and Los Angeles Mayor Antonio Villaraigosa, as well as congressional leaders Steny Hoyer, Dick Durbin, Eric Cantor, and Jon Kyl. The event typically draws more members of Congress than any outside a joint session or State of the Union.
Palin formally unveils new legal defense fund
Alaska Gov. Sarah Palin, facing a string of costly ethics complaints, formally unveiled a defense fund Friday to help pay her legal fees — now surging past the half-million dollar mark. "For Alaskans, the time has come to end the siege on our government by political tricksters. Enough is enough. With the help of reform-minded advocates from across our nation, we will stand up for what is right," said a message on the Web site for the Alaska Fund Trust.
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