Not many people know that General Electric has been a huge beneficiary of recent bank bailouts via its financial subsidiary GE Capital, which would be America’s eighth largest bank measured by total assets. Regulators changed banking rules to guarantee $340 billion in GE Capital debt, and the bank received $16 billion in cheap emergency loans …
Tag: federal reserve
McCaskill’s Donor at the Fed
Claire McCaskill has suggested that she will oppose the Fed audit admendment. This represents a flip-flop, as the Senator from Missouri voted for the Fed audit back in April. One possible explanation for the shift: one of McCaskill’s top donors is Steven H Lipstein, chair of the St Louis Federal Reserve. Lipstein has given McCaskill …
Scrutiny of Goldman’s Role in Greek Debt Crisis Intensifies in US
Goldman Sachs appears to be testing the limits of its special talent for avoiding all accountability following revelations of its role in exacerbating the Greek debt crisis. The bank has come under heavy criticism from European political officials over its role in helping Greece hide its debts, and on Wednesday, Greek labor unions staged a …
Bernanke lobbyist authored Enron/Cheney energy plan
The same lobbyist that sold Washington on Enron is now touting Ben Bernanke. According to Politico, former Enron lobbyist Linda Robertson has been managing Bernanke’s confirmation effort on behalf of the Federal Reserve — coaching him through the process in much the same way she coached Ken Lay and Jeff Skilling through the Washington influence …
New York Fed used Goldman lawyers in push to limit AIG disclosures
Bloomberg reported yesterday that the New York Fed pushed AIG to withhold key information about bonuses and swap counterparties in late 2008. Today, the story is blowing up, with the New York Times, Wall Street Journal, and a range of other outlets picking up on the story. There is an incredible conflict of interest at …