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Pam and Russ Martens: NY Fed has contracted out key functions to JPMorgan Chase
By Pam and Russ Martens
Wall Street on Parade
Monday, July 29, 2024
The New York Fed, which has bank examiners engaged in supervising JPMorgan Chase, has also repeatedly provided bailout funds to JPMorgan Chase; was supervising JPMorgan Chase when it lost $6.2 billion of deposits from its federally-insured bank by gambling in derivatives on its London trading desk; allowed JPMorgan Chase's Chairman and CEO, Jamie Dimon, to sit on the New York Fed's Board of Directors, even as he faced the $6.2 billion derivatives trading scandal; and the New York Fed has exclusively used JPMorgan Chase to hold, as custodian, more than $2.3 trillion of the Federal Reserve's mortgage-backed securities for the past 15 1/2 years -- despite JPMorgan Chase's admitting to five felony counts brought by the criminal division of the U.S. Department of Justice during that time.
If there was an admitted felon in your neighborhood, would that be your first choice for a house sitter? ...
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