If you ever want to know why the Federal Reserve Bank Of NY was so eager to sell/rape/pillage Bear Stearns to JP Morgan, just read this.
You will notice that Jamie Dimon CEO of JP sits on the Board of the FRBNY.
Also of note, William Dudley who runs the FRBNY, used to work at Goldman for only two decades, including one decade as chief economist.
Take it from me a former MBS Trader, the guys on the desk at the FRBNY would do cart wheels just to hang out with us Wall Street boys. You can pretty much tell these guys anything and they would do it.
And to thing Obama wants to give these guys more power.
Pretty soon Obama will ask for a regulatory organization to oversee the FED/Treasury/FDIC, probably Lloyd Blankfein when he decides that he is through ripping off the US Taxpayer.
www.washingtonpost.com/wp-dyn/content/article/2009/07/19/AR2009071902148.html
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