The U.S. Federal Reserve is no stranger to allegations of ethical lapses, as we have reported in “Bankster Bandits Get Richer Playing the Inside Track” (14 Sep 2021) and “Fed’s Bankster Bandits Get Free Ride” (22 Sep 2022).
21 search results for: “Bankster Bandits Get Richer Playing the Inside Track”
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U.S. MARKET OVERVIEW In The Bronx, there is a saying: “Bullshit has its own sound.” While we have long been forecasting that inflation pressures would continue to rise, we kept noting that Federal Reserve chair Jerome Powell and the rest of the Bankster Gang had been spewing out bullshit for most of the year...
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FED’S INSPECTOR GENERAL SAYS KAPLAN, ROSENGREN DID NOTHING ILLEGAL
The U.S. Federal Reserve’s inspector general (IG) has cleared two former Fed bank presidents of any illegal activities in questionable trades they made in 2020. However, the watchdog office scolded them for tarnishing public confidence in the central bank.
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MORGAN STANLEY AGREES TO PAY $249 MILLION FINE IN STOCK TRADING SCANDAL
In exchange for avoiding a criminal trial and no one receiving a prison sentence, Morgan Stanley bank agreed to pay a $249-million fine to the U.S. government to settle an investigation into the bank’s handling of several large stock trades from 2018 into 2021.
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U.S. MEGABANKS PAY $53 MILLION IN FINES FOR MISREPORTING MILLIONS OF TRADES
On 29 September, the U.S. Commodity Futures Trading Commission (CFTC) fined Bank of America, Goldman Sachs, and JPMorgan Chase a collective total of $53 million after the banks “failed to report, or failed to correctly report, more than 40 million swap transactions,” the CFTC said.
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WELLS FARGO EXECUTIVE RECEIVES NO JAIL TIME FOR CRIME
Carrie Tolstedt, former head of Wells Fargo’s community banking division, was sentenced to three years’ probation, including six months’ home confinement, last week for her role in the bank’s 2016 scandal in which more than two million credit cards and bank accounts were created for existing customers without their knowledge.
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REGULATORS FINE BANK OF AMERICA $250 MILLION OVER FAKE ACCOUNTS
Bank of America (BoA) must pay $250 million in fees after it was found to have opened credit card accounts in customers’ names without their permission and for double-charging some fees.
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ONCE AGAIN, TRADES BY FED’S BOSTIC BREAK THE RULES
A money manager acting on behalf of Rafael Bostic, president of the Federal Reserve Bank of Atlanta, bought and sold shares in 19 exchange-traded funds on May 2 this year, a date that fell within the Fed’s “blackout period” during which Fed officials are forbidden to make trades.
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INSIDERS SOLD BILLIONS IN SPAC STOCKS BEFORE COMPANIES CRASHED
The SPAC bust on Wall Street last year wiped billions of dollars from speculators’ accounts but made billions for SPACs’ executives and early investors, a Wall Street Journal investigation of more than 460 SPAC-related companies found.
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FED CONTINUES TO STONEWALL ON OFFICIALS’ POSSIBLE CRIMES
The U.S. Federal Reserve continues to withhold details about its most notorious public scandal in recent history.