Category Archives: FDIC

FDIC Blocks Texas State Auditors – UPDATED

According to KXAN Austin News:

“Warnings of Mortgage fraud and failing banks you’d think the FDIC would do everything in it’s power to protect consumers”

Right? Nope……………

Wait a minute. The FDIC is NOT a Federal institution, how can they block anything?

Very little attention is being paid to the FDIC.  How have we managed to give this entity so much power over our Country.

It’s not often that I agree with Ron Paul – this is one. It’s WAY passed time to audit the FDIC.

UPDATE

According to the Financial Times, the FDIC is on a hiring spree:

The Federal Reserve Bank of New York is aggressively hiring traders as it seeks to manage its burgeoning securities holdings, making the central bank one of Wall Street’s most active recruiters of financial talent.

The focus of their hiring is financial traders, you know the guys that got us into this mess to begin with:

Patricia Mosser, senior adviser, said: “Once we started to have to implement programmes that were clearly outside the traditional credit-easing tools that the Fed has used before, it became illogical to manage some of the new programmes inside the current structure.”

Outside the traditional tools? Should we be concerned, yes. This is the financial institution that should have seen the crash coming and didn’t. So, what is the administration doing:

It also comes as plans by the Obama administration to give more regulatory powers to the Fed as a systemic risk supervisor have come under scrutiny, not least due to the central bank’s inability to have fully spotted the risks that had built up in the financial system in recent years.

That’s right, you so underperformed your obligations that you almost crashed the US financial system so we’re going to give you more power. That’ll teach ’em.

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