Senator Bernie Sanders - FORECLOSURE FRAUD

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The Sanders Report on the GAO Audit on Major Conflicts of Interest at the Federal Reserve

The Sanders Report on the GAO Audit on Major Conflicts of Interest at the Federal Reserve


The Sanders Report on the GAO Audit on Major Conflicts of Interest at the Federal Reserve

U.S. Senator Bernie Sanders (I-Vt.)
Washington, DC
October 19, 2011

[ipaper docId=69476603 access_key=key-26etn7unk59fdnkzkrp7 height=600 width=600 /]

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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GAO Finds Serious Conflicts at the Fed: Jamie Dimon was on the board of the NY Fed while his bank received loans from the Fed Reserve.

GAO Finds Serious Conflicts at the Fed: Jamie Dimon was on the board of the NY Fed while his bank received loans from the Fed Reserve.


Excerpt via Senator Sanders

The report by the non-partisan research arm of Congress did not name but unambiguously described several individual cases involving Fed directors that created the appearance of a conflict of interest, including:

  • Stephen Friedman In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, chairman of the New York Fed, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed’s rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO.
  • Jeffrey Immelt The Federal Reserve Bank of New York consulted with General Electric on the creation of the Commercial Paper Funding Facility. The Fed later provided $16 billion in financing for GE under the emergency lending program while Immelt, GE’s CEO, served as a director on the board of the Federal Reserve Bank of New York.
  • Jamie Dimon The CEO of JP Morgan Chase served on the board of the Federal Reserve Bank of New York at the same time that his bank received emergency loans from the Fed and was used by the Fed as a clearing bank for the Fed’s emergency lending programs. In 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns.At the time, Dimon persuaded the Fed to provide JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. He also convinced the Fed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Sen Bernie Sanders | Greed & Foreclosure Crisis

Sen Bernie Sanders | Greed & Foreclosure Crisis


Dear,

Any News Media Outlet…do you think maybe getting an interview with Sen Bernie Sanders to tell the truth the whole truth and nothing but the TRUTH?

He GETS IT!

Sen. Bernie Sanders (I-VT) discusses greed and the foreclosure crisis, and calls for a “new Wall Street” during a recent conversation at Brave New Studios in Culver City, CA. Produced by Brave New Foundation. We must put a human face on the foreclosure crisis affecting millions of families. Go to
FightingForOurHomes.com

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in foreclosure, foreclosure fraud, foreclosures, Wall StreetComments (0)


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