Why the Fed Will Always Wimp Out on Goldman

William D. Cohan notes that the Segarra Tapes didn't reveal much we didn't already know. Sadly, this is true. Carmen Segarra provided proof to what we probably suspected anyway, but she didn't likely surprise anyone. ~ Ilene 

Why the Fed Will Always Wimp Out on Goldman 

By William D. Cohan, POLITICO Magazine

Excerpt:

The sudden appearance of Segarra’s tape recordings in the news this week was reminiscent of the way that the NFL was embarrassed by the videotape that showed Rice, the now-suspended Baltimore Ravens running back, knocking out his girlfriend in an elevator – all of which suggested the NFL knew about the abuse but gave Rice kid-gloves treatment, as it does in many cases of abuse. The truth is, although both incidents do reveal something about the way the powerful and famous get away with more stuff than the rest of us, there’s no real comparison. The Segarra Tapes actually reveal little or nothing that was not already known, assuming you have a shred of understanding how the Federal Reserve banks actually work. Nor is William Dudley, the president of the Federal Reserve Bank of New York, about to get pilloried in public like NFL Commissioner Roger Goodell.

Sorry, folks, but this is simply the way the New York Fed was designed to behave. The system of 12 Federal Reserve banks, established about 100 years ago by an act of Congress following secret meetings presided over by J.P. Morgan himself at an island off the coast of Georgia, has always existed for the benefit of the commercial and investment banks that created the system, that own the banks and that control their boards of directors. To think that these banks exist for any other reason than to serve their Wall Street masters is complete folly. It has never been so and it will never be so – as long as the current system remains intact – despite what Segarra captured her bosses talking about on tape, without their knowledge.

Full article: Why the Fed Will Always Wimp Out on Goldman – William D. Cohan – POLITICO Magazine.

William D. Cohan is the author of Money and Power: How Goldman Sachs Came to Rule the World (2011).

Picture by William Banzai 7. 
 

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