The GAO released its report on the Federal Reserve Wednesday: Yves Smith has a nice summary.
And, just as many have long known: Those at the top build networks to ensure they remain at the top regardless of how they perform - the meritocracy breaks down under their myriad conflicts of interest. Everyone screams about individual accountability when its some poor individual who cannot afford to repay their bank loan, but no-one seems to care that none (as in zero!) of the major bank executives were held accountable for their roles in undermining the worth of their banks, counterfeiting the nation's currency through liar's loans, and their ultimate thievery of the production of a nation. Now we have it a little clearer: Literally, the fox is guarding the hen house!
We need leaders (are you listening, candidates?) who will make it a priority to wind-down the financial sector back to a size that is beneficial to society, rather than a cancer that sucks more and more of the life-blood of a nation in its greed. Candidates that will vow to staff the regulatory agencies (the Fed, the SEC) with people of diverse backgrounds and affiliations who will regulate, rather than remunerate, those under regulation.
Anyone? Anyone?
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