By Pam Martens and Russ Martens: May 23, 2023 ~ The Fed has been under non-stop scandals for the past two years. It pumped out trillions of dollars
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."
The latest scandal comes courtesy of BBC correspondent Andy Verity's new book Rigged: The Incredible True Story of the Whistleblowers Jailed after Exposing the Rotten Heart of the Financial System. The book won't be released until June 1 but it is already being serialized in the Times U.K. newspaper and causing a major stir. After just one day of media buzz, news of the central bank plot has gone viral and there have already been calls for investigations by Parliament.