As financial markets shuddered and then nearly imploded in 2008, the Federal Reserve opened its vault to the corporate world — both domestic and foreign — on a scope much wider and deeper than previously disclosed.
As financial markets shuddered and then nearly imploded in 2008, the Federal Reserve opened its vault to the corporate world — both domestic and foreign — on a scope much wider and deeper than previously disclosed.
The World’s leading banking and finance executives, industry regulators, and billionaire investors like Warren Buffet and George Soros – the Wall Street crowd writ large – will head to the annual World Economic Forum held in Davos, Switzerland this week. On the agenda will be efforts to challenge US President Barack Obama’s efforts to reform the financial industry.
An arm of the Federal Reserve, then led by now-Treasury Secretary Timothy Geithner, told bailed-out insurance giant AIG to withhold key details from the public about overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs. The sordid tale unfolds in a series of e-mails between the company and the New York Fed while Geithner was its president.
In the face of what appears as Wall Street returning to status quo business as usual, a brief discussion of two recent developments in public attitudes about the precipitators of the current global financial crisis indicating that voters want more aggressive government action in regulating the Titans of Wall Street.