Tag: Federal Deposit Insurance Corporation

Sheila Bair, Former Chair of the FDIC, Is Now an “Organizer/Director” of a Cayman Islands Crypto Company that Got a U.S. National Bank Charter Last Year

Tina Marie (Ms. Cat)1 Comment

On November 17, Sheila Bair, the former Chair of the Federal Deposit Insurance Corporation (FDIC) during the financial crisis of 2008, went on CNBC to lament the lack of controls leading to the collapse of the crypto currency exchange, FTX. During the interview, Bair used the phrase “nobody looking behind the curtain.”

Sheila Bair, Former Chair of the FDIC, Is Now an “Organizer/Director” of a Cayman Islands Crypto Company that Got a U.S. National Bank Charter Last Year

Related (why no one was prosecuted for the financial crisis of 2007–2008 + another comment):

Read More »

Evidence Grows that Crypto and Federally-Insured Banks Are a Combustible Mixture

Tina Marie (Ms. Cat)

The fallout from the collapse of the crypto exchange FTX and its missing billions of dollars of customer funds has, finally, galvanized some members of Congress to push back against the swarms of crypto lobbyists whose activities are clearly impacting the safety and soundness of U.S. banks.

Evidence Grows that Crypto and Federally-Insured Banks Are a Combustible Mixture

The Latest Digital Token Scheme from Hell: New York Fed Teams Up with Citigroup and Sullivan & Cromwell

Tina Marie (Ms. Cat)1 Comment

Just two business days after the crypto exchange FTX filed for bankruptcy and headlines swirled around the world suggesting it had used its crypto token to perpetuate a massive fraud reminiscent of Madoff’s Ponzi scheme, the New York Fed thought this would be an ideal time to announce it was launching a digital token pilot with the serial fraudster, Citigroup. (See here for the unintelligible, jargonized version from the New York Fed; here for the decrypted translation from CoinDesk; and here for a sampling of Citigroup’s rap sheet.)

The Latest Digital Token Scheme from Hell: New York Fed Teams Up with Citigroup and Sullivan & Cromwell

Senator Sherrod Brown Calls for Breaking Up the Wall Street Banks; Elizabeth Warren Tells Fed: “I Don’t Believe You’re Doing Your Job”

Tina Marie (Ms. Cat)

Senator Sherrod Brown Calls for Breaking Up the Wall Street Banks; Elizabeth Warren Tells Fed: “I Don’t Believe You’re Doing Your Job”

Senator Jon Tester of Montana got into a heated debate with Randal Quarles, the Vice Chairman for Supervision at the Federal Reserve. Although both the Chairman of the Federal Reserve, Jerome Powell, as well as Quarles, have previously stated that another round of fiscal stimulus is needed from Congress, Quarles now seems to have been intimidated by some Republicans in Congress who don’t want another stimulus package. Quarles, during the hearing, refused to endorse another stimulus package.