The Goldman Sachs/NY Fed Claws Dig Deeper into Your Precious Financial Ass - NY Fedhead Dudley Goes BIS, Doesn't Look Back

I really wanted to put some "octoporn" here (of the Japanese variety)
since it seemed fitting. But I realized that might be inappropriate. Fine line, kids.

Blah, blah, blah, NY Fed, BIS, William "Goldman Sachs put a fucking GPS tag under my skin" Dudley, and more financial incest than anyone can possibly handle. Is this a party I wasn't invited to? Is there anyone who isn't connected to $GS qualified enough to take a position like this? No?

WSJ on NY Fedhead Dudley's sweeeeet new gig:

The Bank for International Settlements said Monday William Dudley has been appointed chairman of its Committee on Payment and Settlement Systems, which was set up in 1990 to safeguard the world’s financial plumbing.

Dudley, who became President of the Federal Reserve Bank of New York in January, takes the place of Timothy Geithner who joined U.S. President Barack Obama’s administration as Treasury Secretary.

The CPSS is comprised of central bankers and monitors risks in payment and settlement systems, while also suggesting ways to strengthen and increase the efficiency of these services.

Payment systems handle cash passed between financial intermediaries and between those companies and consumers. Settlement systems handle the final stage of financial trades, ensuring that cash is exchanged for an asset, such as a bond or stock.

The CPSS issued a report in June last year that concluded banks and settlement and payment systems need to better factor in a failure of the world’s financial plumbing within their stress tests, risk controls, funding requirements and crisis management plans.

The committee said the risk of failure at one of these systems has increased because they have become more interconnected in response to the growth in global trade flows.

Is this important somehow? Yeah, sure, more Goldman/NY Fed incest except this time we throw in the BIS just to make sure it's 100% financial clusterfuck instead of just 95% or so (I'm no mathlete nor statistician so excuse me if that percentage is +/- wtf). So what?

I'm not making any conclusions on this (as we have already clearly defined that Goldman Sachs has its pristine shimmery tower shoved so far up the New York Fed's ass that it can't see straight - or is it the other way around? Does it matter?), mostly I just wanted you to see the one and only comment on the original WSJ article:

I must say I find the Fed and its arrogance extremely amusing, actually it is the U.S. Government arrogance towards the American people I find amusing, only problem, Americans are pansies and take it no questions asked. The Fed is hosting a big conference at the venerable birth place of the biggest crime organization of all time, Jekyll Island, the resort is actually pretty nice. The Fed was directly in charge when the financial system collapsed, has so far spent $3 Trillion trying to fix the problem and committed another $10 Trillion all the while lambasting the bankers whom the Fed was overseeing. Now the bankers are afraid to go golfing let alone to an extravagant conference in Las Vegas or Jekyll Island yet the Fed don’t care, spend spend, spend, I guess it don’t cost nothing when you are printin the dough.

Personally, I find the grammatical errors charming. A printin the dough they go...

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


delbertino said...

Thank you for your time and effort on this piece. You handle that pen like a master chef; cheers and that; TV has us stupid

goldman sachs rules said...

sounds like a plumbing problem..

Hey "Goldman Sachs Rules"... it's not a plumbing problem.

It's a clusterfuck.

Too bad you aren't in NY, I was almost hoping for a minute there that you were a Goldman rat with balls enough to say something... oh well.