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Old 10-20-2011, 02:02 PM
 
Location: Gulf Coast Texas
28,446 posts, read 15,427,246 times
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This is regarding past and present directors of federal reserve banks that seemed to have a conflict of interest with the 2008 bank bailouts

FEDERAL RESERVE BANK GOVERNANCE - Opportunities Exist to Broaden Director Recruitment Efforts and Increase Transparency

Bernie Sanders also put together his summary.
The Sanders Report on the GAO Audit on Major Conflicts of Interest at the Federal Reserve

Quote:
The GAO identified 18 former and current members of the Federal Reserve's board affiliated with banks and companies that received emergency loans from the Federal Reserve during the financial crisis including General Electric, JP Morgan Chase, and Lehman Brothers.
Regarding GE...
Quote:
The GAO found that the Federal Reserve Bank of New York consulted with General Electric on the creation of the Commercial Paper Funding Facility established during the financial crisis.The Fed later provided $16 billion in financing to General Electric under this emergency lending program. This occurred while Jeffrey Immelt, the CEO of General Electric, served as a director on the board of the Federal Reserve Bank of New York.
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