The Four New Sheriffs Of Wall Street
by Francesco Guerrera, Krishna Guha and Gillian
Tett, Financial Times, March 21, 2008
Comment:
Here we have a new example
of the Illuminati modus
operandi,
Problem-Reaction-Solution:.
Problem: Threat
of a huge financial
crisis that the
Illuminati created on
purpose. Reaction: The
public gets terrified
and demands that someone
is done about it. Solution: More
power to the
privately owned
Federal Reserve Bank for
tighter control.
Wes
Penre,
www.illuminati-news.com
Bear Sterns
The Federal Reserve
and Treasury are playing a dominant day-to-day
role in overseeing Wall Street following this
week’s rescue of
Bear Stearns, raising the prospect that the
central bank might be given more permanent
authority over securities firms.
Bankers say the greater
authority is a direct consequence of the Fed’s
extraordinary decisions to extend a $30bn credit
line to help
JPMorgan Chase’s takeover of Bear and to
lend emergency funds to securities houses for
the first time in more than 70 years.
“There is a new sheriff in town,” said a
senior banker. “The Bear situation changed
everything: people saw death before their
eyes. The Fed and Treasury are in charge now
and are not going to let go”.
Under a regulatory regime
dating back to the 1930s, the Fed oversees
commercial banks, but investment banks are
primarily regulated by the Securities and
Exchange Commission.
But as the credit crunch
deepened, Ben Bernanke, Fed chairman, Tim
Geithner, president of the New York Fed, Hank
Paulson, Treasury secretary, and Robert Steel,
his number two, have been in unusually close
contact with Wall Street executives.
People close to the situation
said the Fed and Treasury feared further
problems among securities firms could
destabilise the financial system and expose US
taxpayers to sizeable losses on the new Fed
loans.
Their stance has triggered
talk of new financial services legislation, with
bankers and politicians, including Barney Frank,
House financial services committee chairman,
asking whether investment banks should be
regulated by the SEC or the Fed.
An extension of the Fed’s
powers to investment banks might force them to
reduce risk and leverage in order to comply with
the tougher requirements faced by deposit-taking
banks.
However, any change would
require legislative action, which looks
increasingly difficult ahead of the November
presidential election, and could be even more
problematic under a new Administration.
The SEC said different
agencies were functioning as “equal partners at
the regulatory forefront”
Wes Penre is a
researcher, journalist, the owner of the domains
Illuminati News
and
Zionist Watch and is the publisher of the
same. He has been researching Globalization and the New World
Order and exposed the big players behind the scenes for more
than a decade now. He has published his research on the Internet
at the above domains, which are currently updated to keep people
informed what is going on. You can also find his articles linked
up, discussed and republished all over the Internet.
This
page may contain copyrighted material, the use of which has not always been
specifically authorized by the copyright owner. I am making such material
available in my efforts to advance understanding of environmental,
political, human rights, economic, democracy, scientific, and social justice
issues, etc. I believe this constitutes a 'fair use' of any such copyrighted
material as provided for in section 107 of the US Copyright Law. In
accordance with Title 17 U.S.C. Section 107, the material on this site is
distributed without profit to those who have expressed a prior interest in
receiving the included information for research and educational purposes.
.jpg)
