Maxine Waters Vs. Ben Bernanke

'Are any primary dealers going to be fired?'

With Maxine Waters back in the news, here's a look at Bernanke's testimony from late July.  This is actually pretty decent work from Waters.  She questions Bernanke on primary dealers and whether any are going to be 'fired' by the Fed if found to be guilty of Libor manipulation.  Yeah, right.  She also asks Ben for his opinion on eminent domain seizures in California as well as the OCC program to compensate victims of foreclosure fraud.

Let's have a look under the FRBNY hood.  Since the Chairman's testimony 7 months ago, HSBC, Barclays, RBS and UBS have all been fined and have since settled with regulators.

Might there names still appear on the following list?

New York Fed's List of Primary Dealers

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

***

All is functioning as it should in Banana Republic, U.S.A.  Carry on.

Comments

[LadyLiberty]

She's pretty corrupt herself

Muddy Waters
How Maxine Waters and Barney Frank let one bank repackage its problem as a national crisis.

http://www.slate.com/articles/business/moneybox/2010/11/muddy_waters.html

MAXINE WATERS DOESN’T LIKE BANKS – UNLESS HER HUSBAND OWNS THEIR STOCK

http://thedailycannibal.com/2011/09/01/maxine-waters-doesnt-like-banks-unless-her-husband-owns-their-stock/

OneUnited's executives have donated $12,500 to Ms. Waters's election campaigns.

http://online.wsj.com/article/SB123682571772404053.html

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After Libor, arguments against financial regulation are a joke

http://newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx?id=64019&terms=%40ReutersTopicCodes+CONTAINS+%27ANV%27


Fed’s $4 Trillion Rescue Helps Hedge Fund as Savers Hurt

http://www.bloomberg.com/news/2012-12-20/fed-s-4-trillion-rescue-helps-hedge-fund-as-savers-hurt.html

Questions Remain About New Plan on ‘Too Big to Fail’

http://dealbook.nytimes.com/2012/12/20/questions-remain-about-new-plan-on-too-big-to-fail/

Last-Ditch Attempt to Derail Volcker Rule

http://economix.blogs.nytimes.com/2012/12/20/last-ditch-attempt-to-derail-volcker-rule/


Rich managers, poor clients
Investors have paid too much for hedge-fund expertise. Better to focus on low costs than star fund managers

http://www.economist.com/news/leaders/21568740-investors-have-paid-too-much-hedge-fund-expertise-better-focus-low-costs-star

Why Reported Inflation Seems Different Than Reality

http://www.streettalklive.com/daily-x-change/1399-why-reported-inflation-seems-different-than-reality.html

Google starts watching what you do off the Internet too

http://rt.com/usa/news/google-internet-online-offline-500/

Obama nominates John Kerry as next secretary of state

http://www.reuters.com/article/2012/12/21/us-usa-obama-kerry-idUSBRE8BK0QO20121221

Flashback: John Kerry Wanted To Invade Haiti

http://www.nytimes.com/1994/05/16/opinion/make-haiti-s-thugs-tremble.html

Flashback: John Kerry Throws Away Combat Medals To Protest Vietnam War…

http://weaselzippers.us/2012/12/21/flashback-john-kerry-throws-away-combat-medals-to-protest-vietnam-war/