Fed warns big banks to reform or face breakup . . . come, now, are we really to take this man seriously? ~J

YahooNews
October 20, 2014
Thanks to B.

New York Federal Reserve President William Dudley appears on FOX Business Network on May 20, 2014, in New York City

New York Federal Reserve President William Dudley appears on FOX Business Network on May 20, 2014, in New York City (AFP Photo/Rob Kim)

New York (AFP) – The Federal Reserve delivered a stark warning to the largest US banks Monday that they could be forcibly broken up if they do not reform their ways.

New York Federal Reserve chief William Dudley said that after paying well over $100 billion in fines in the past six years for bad behavior, banks should recognize the imperative to reform.

If the heads of the large banks do not change the culture that led to the fines, he said in a speech to top Wall Street officials, “then bad behavior will undoubtedly persist.”

“If that were to occur, the inevitable conclusion will be reached that your firms are too big and complex to manage effectively. In that case, financial stability concerns would dictate that your firms need to be dramatically downsized and simplified so they can be managed effectively.

“It is up to you to address this cultural and ethical challenge,” he told the bankers.

“So let’s get on with it.”

Dudley referred to the long list of professional misbehavior, ethical lapses and compliance failures at leading banks since 2008, when the industry plunged into an existential crisis after the housing market bust.

“The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system,” he said, according to prepared remarks.

“As a consequence, the financial industry has largely lost the public trust.”

Dudley, whose office oversees the activities of the largest US banks, rejected the idea that the problems arose from “the actions of isolated rogue traders or a few bad actors.”

“The problems originate from the culture of the firms, and this culture is largely shaped by the firms’ leadership. This means that the solution needs to originate from within the firms, from their leaders,” he said.

“The consequences of inaction seem obvious to me — they are both fully appropriate and unattractive,” he added.

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16 Responses to Fed warns big banks to reform or face breakup . . . come, now, are we really to take this man seriously? ~J

  1. Captain says:

    Despite her fears of an imminent raid by a sheriff’s department SWAT team, great-grandmother Carol Roberts bravely stands her ground against thieving bankers, corrupt judges, and crooked court officers. Roberts nearly broke down in tears as she asked Bobby Powell, Publisher of The Truth Is Viral, for help fighting what can only be described as an incestuous scam to steal her home and put her in jail.
    http://bobpowell.blogspot.com/2015/01/gutsy-granny-fights-back-against.html

  2. pupma says:

    Where is a time line? Am I seeing just more smoke and mirrors…more years…to pad those uncloseable golden bankers wallets?
    I just do not believe anything anyone tells us any longer. Everything feels & sounds like a lie or a misdirection of our attention which we are supposed to fall for, again and again and again. Banking reform, what a joke.
    (Blowing a raspberry)!!

  3. J.Q. Public says:

    HANDCUFFS!!!

  4. Watcher says:

    Another “soothsayer”….. agreeing that John Q. Public has been shafted. Which makes John Q. Public feel better knowing that someone of note is “on their side”…. calms John Q. down considerably and allows the “GAME” to continue, business as usual.

    This is a time tested technique.. it works unfailingly.

    There have always been the “Judas Goats” selectively put out in front of the sheep herd to mollify them…… They tell the the restive people TRUTH..
    ….. they tell the masses what has been going on, and agree that they have been abused by the system.. they manifest great indignation on behalf of the people… they show colored charts that demonstrate just how bad it is, and how bad it is going to get…
    (all the time their successful companies are sucking up the government/taxpayer dollars, or while they continue to collect their cushy retirement check obtained by and through the position they held for years supporting the same government’s poicies that still today are gutting the nation)…
    So, think about who fits that blueprint?….. Famous names, names that are on all the tongues of all the most unhappy rebellious citizens.

    Clue: Not ONE of them have ever presented a viable remedy… (and auditing the fed is not a viable remedy.. the Federal Reserve Banking Corporation/organization is a FOREIGN owned PRIVATE company… not subject to auditing without consent.)

  5. Mike C. says:

    Talk about the pot calling the kettle black, the level of hypocrisy in this prepared speech is laughable to the point of absurdity. Anyone who is awake knows that the big banks have been in marching in lockstep with the government while engaging in systemic fraud to fund a ginormous hidden system of finance–what UFO researcher Richard Dolan refers to as “The breakaway civilization.” This speech is all just midterm election window dressing talk to assure the masses that the government will punish the banks if they keep misbehaving. Meanwhile we’ve got fleets of space ships zipping around the solar system along with vast systems of underground tunnels costing the unsuspecting taxpayers trillions of dollars. The real problem here is not the bad behavior of the big banks. The real problem is disclosure of the hidden system of finance that’s running the planet.

  6. Andre says:

    One bank to control them all. This tells us the plan: crash the banking system, blame the banks (guilty of course), and then roll out the Zionist bank of Sauron funded with our stolen wealth.

  7. LaRae says:

    I think it’s the Pot calling the Kettle black…..

  8. tony lane says:

    there is something else to also consider and that is the US is not really poor, we have been told that lots of money went missing but the secret government knows where this money went to, but congress have asked the questions and got no answers, but the truth is that the US has a massive SECRET SPACE NAVY with more that a hundred ships and some of them are massive and nearly half a mile wide, this may be hard to believe and this is not the half of it, the cost of this SPACE NAVY is into the trillions and all built with alien technology that all the nations of earth have deprived of, what we are talking about is that nobody has to starve and nobody has to go to war. THE ROTHSCHILDS and the ROCKERFELLERS already know all this because they fund it directly and indirectly and that means with taxpayers money.

  9. tony lane says:

    I will also say that at the moment the ROTHSCHILDS are still trying to get back in to ICELAND, I do not like to say it but i am beginning to think that the only thing that they will understand is the DEATH PENALTY.

  10. tony lane says:

    there is a lot of promises and predictions being ,made but so far nothing is happening, the federal reserve made these rules in the first place and now they want the banks to break them, Iceland had it right they arrested all the ROTHSCHILDS and the ROCKERFELLER connections and started again from practically ZERO, if this is to happen at all it will need a seriously massive CLEANUP, because at the moment it is gangsters telling gangsters what to do.

  11. Reblogged this on Integrity Finance and commented:
    What is this article really saying? “New York Federal Reserve chief William Dudley said that after paying well over $100 billion in fines in the past six years for bad behavior…”

  12. Anisha Yurcich Dunne says:

    Not sure this has anything to do with this, but I thought I’d post it just in case something does come of it about the Dragon Family owning the Federal Reserve now. I mean, whatever. It keeps getting weirder and weirder as things unfold. LOL

    • Jean says:

      Anisha, I’ve already responded to this . . . please check my comment elsewhere. . . I saw this about a week ago, and I think it’s worthless and meant to distract us 🙂 Hugs, ~Jean

  13. Prelude to throwing them under the bus as the prime felons in the upcoming crash… FED would come out looking clean.

  14. kibitzer3 says:

    Hey – it sounds good. Someone with some clout is noticing! The Insiders’ Club is being addressed! For the few minutes that it will appear on the radar screen of the public, let’s celebrate. And then go back to giving total energy to the collapse of the entire system.

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