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Saturday
Mar052011

KC Fed President Issues New Report Calling For 'Break Up' Of J.P. Morgan, Goldman, Citigroup & Bank Of America

Originally published Feb. 24.

In a report just released today, Kansas City Fed President Thomas Hoenig lays it all out in black in white:  Dodd-Frank has done absolutely nothing about Too Big To Fail, and for that reason "[w]e must break up the largest banks" (2).

A screenshot from the report:

This isn't the first time Hoenig has suggested breaking up the largest TBTF banks, but his earlier statements were made during the course of interviews.  This latest call comes in an official report and carries the imprimatur of the Federal Reserve system.  That's a shot across your bow, Jamie Dimon.

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Hear from Hoenig himself...

This is Hoenig's best public speech.

Video:  Hoenig speaks to a local Kansas City Tea Party group - Sep. 23, 2010

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Evolutionary biology's answer to Citigroup.

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Reader Comments (8)

This is the directive of the Group of Thirty. This was first news back in 2009 when Grp of 30 wrote financial stability report.
Feb 23, 2011 at 4:56 PM | Unregistered CommenterTed T
Geithner Says Not To Worry About Surging Oil Prices: "Central Banks Have A Lot Of Experience In Managing These Things"

http://www.zerohedge.com/article/geithner-says-not-worry-about-surging-oil-prices-central-banks-have-lot-experience-managing-

[snip]

You really can't make this shit up: "The economy is in a much stronger position to handle” rising oil prices, Tim Geithner said today during a Bloomberg Breakfast in Washington. “Central banks have a lot of experience in managing these things." We are, all of us, now doomed.
Feb 23, 2011 at 5:07 PM | Unregistered Commenterjohn
Who will watch the watchers?

From NY Post...The top lawyer at the Securities and Exchange Commission and his two brothers inherited more than $1.5 million in phony profits from their mother's investment in Bernard Madoff's epic Ponzi scheme, according to a startling suit filed by bankruptcy trustee Irving Picard.

David Becker -- who was named SEC general counsel and senior policy director less than two months after Madoff's arrest in December 2008 -- was served with legal papers demanding return of the dirty money earlier this month, court records show.
Feb 23, 2011 at 5:16 PM | Unregistered CommenterTed T
The definition of oversight has two distinct and opposite meanings according to most dictionaries. The third definition (in good humor) might be: a little bead at the end of a shotgun. Sorry about my double post...
Feb 23, 2011 at 5:26 PM | Unregistered Commenterjohn
The American public has been voting with all the consideration of taking a crap on a campout and not much beyond. The mess of garbage who call themselves the Congress are going to vote for their own interests and accept lobbying for influence from the highest bidder. Look at Pelosi and AIG. PAR FOR THE COURSE. Congress will never leave the wallow.
Feb 23, 2011 at 10:09 PM | Unregistered CommenterHoward T. Lewis III
Well said, Howard T. Lewis. You've certainly identified a big part of the problem.
Feb 24, 2011 at 11:07 AM | Registered CommenterDr. Pitchfork
I got a better idea. Let's desolve the Federal Reserve and print our own money again...minus the interest.
Feb 24, 2011 at 3:14 PM | Unregistered Commenterrobertsgt40
I smell a rat.

Let's disolve the federal reserve, put the above listed companies into receivorship and stop the billionaire banker bailouts.
Mar 5, 2011 at 2:12 PM | Unregistered CommenterBenny and the Talibanks

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