That's it.
Game, set, match and over.
The fox has been hired to guard the henhouse in the infinite wisdom of DC's power brokers.
Dodd is a sellout.
The second coming is on its way and it isn't Jesus.
Who owns stock in the FED?
The top 10 banks control 70% of that stock and four of them control 54%.
The top 4 banks are Bank of America, JP Morgan Chase, Wells Fargo-Wachovia and Citibank (in order of percent of ownership).
The top 10 banks include these four plus PNC, the Bank of New York Mellon, US Bank, Suntrust, HSBC, Goldman, and "others" control the remaining 30% (private stock ownership and member banks).
Our government has rewarded (AGAIN) the very people who just accomplished the biggest heist in modern history.
Per the Finacial Times article here
Chris Dodd, the Senate banking committee chairman, had proposed hiving off all bank supervision to a single regulator but is set to propose this week that the 23 largest institutions stay under the Fed’s oversight, according to people familiar with the plans.
And of course Mr. Geitner has his two cents worth:
The Fed’s retention of authority over the biggest banks is partly a result of demands by Tim Geithner, Treasury secretary and former president of the New York Fed, who has told senators that only the central bank is qualified to oversee the core of the system.
Yes, it only makes sense that the corrupt should over see the corruption. (snark)
And the banking lobbyist were out in full force making sure any senators who had skepticism were made good and fearful of the repercussions associated with any ideas about going a different route.
Read it all, it's full of the usual mumbo jumbo, justifications, and the casual way it all got decided on Sunday night during the Oscars.