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NY FED Power Striped - Secret ‘Triangle Document’

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posted on Mar, 5 2015 @ 05:32 PM
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Secret ‘Triangle Document’ gives control of big-bank regulation to committee

The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation’s central bank, report the Wall Street Journal.



www.wsj.com...

The Fed’s center of regulatory authority is now a little-known committee run by Fed governor Daniel Tarullo , which is calling the shots in oversight of banking titans such as Goldman Sachs Group Inc. and Citigroup Inc .

The new structure was enshrined in a previously undisclosed paper written in 2010 known as the Triangle Document. Under the new system, Washington is at the center of bank supervision, exercising control over the Fed’s 12 reserve banks, much as the State Department exerts control over embassies.

The power shift, initiated after the financial crisis and slowly put in place over the past five years, is more than a bureaucratic change. It influences how the biggest banks on Wall Street are overseen and has begun to affect regulation in unanticipated ways across the Fed system.

edit on 5-3-2015 by wasaka because: (no reason given)




posted on Mar, 5 2015 @ 06:38 PM
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originally posted by: wasaka
Secret ‘Triangle Document’ gives control of big-bank regulation to committee

The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation’s central bank, report the Wall Street Journal.



www.wsj.com...

The Fed’s center of regulatory authority is now a little-known committee run by Fed governor Daniel Tarullo , which is calling the shots in oversight of banking titans such as Goldman Sachs Group Inc. and Citigroup Inc .

The new structure was enshrined in a previously undisclosed paper written in 2010 known as the Triangle Document. Under the new system, Washington is at the center of bank supervision, exercising control over the Fed’s 12 reserve banks, much as the State Department exerts control over embassies.

The power shift, initiated after the financial crisis and slowly put in place over the past five years, is more than a bureaucratic change. It influences how the biggest banks on Wall Street are overseen and has begun to affect regulation in unanticipated ways across the Fed system.


Bolding mine, I guess the way it has begun to effect regulation is that Danny boy and his buddies now have the legislated ability to squeeze the banks for kickbacks? I don't trust anything these assclowns come up with as there is already so much corruption in the system it has become like an autonomous (zero transparency or accountability) self sustaining beast.

Cheers - Dave



posted on Mar, 5 2015 @ 06:41 PM
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Sounds like its blue on blue now.



posted on Mar, 5 2015 @ 08:28 PM
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a reply to: bobs_uruncle

"ASSCLOWNS"! LMAO!



posted on Mar, 6 2015 @ 02:39 AM
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...Pretty sure Bitcoin or a similar trustless, blockchain driven technology would make the transparency we seek a reality.
Second line, there's nothing more to say. The solution is there waiting. Get interested, suss it out properly.



posted on Mar, 9 2015 @ 02:05 PM
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originally posted by: homerJ
...Pretty sure Bitcoin or a similar trustless, blockchain driven technology would make the transparency we seek a reality.
Second line, there's nothing more to say. The solution is there waiting. Get interested, suss it out properly.


Yes, Bitcoin (and Blockchain technology) offer a real alternative. William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. Here, he discusses where the monetization is behind decentralized business models.



www.coindesk.com...

If we are to strictly follow bitcoin’s first principles of decentralization, then very little to no money should be made by the centers.

Bitcoin, the system, is itself the quintessential decentralized and autonomous ecosystem today. And its center is poor, because it is non-existent as an entity. All of the revenues/profits are being made at the edges of the bitcoin network.
--snip
Apple’s iTunes is the typical centralized marketplace. If it were decentralized, first of all, Apple wouldn’t take a 30% cut on revenues. Second, whatever value is derived from app sales or via other monetization would be spread across users who use or promote an app by sharing their own stats for example, and Apple wouldn’t deserve that 30%.



Interesting read.

For more blockchain-based decentralized applications, I suggest checking the book Blockchain: Blueprint for a New Economy. The book is an alphabet soup on bitcoin, the blockchain, and cryptocurrency; and it will definitely open-up your imagination to what’s possible. It’s a realistic book, but the realizations outlined may take 5-10 years to fully materialize.



For decentralization to take full effect, we would need to see:

Decentralized content distribution and exchange networks (maybe for digital goods initially), without central authorities that tax it or control it.
Decentralized transportation services, based on peer to peer services, without companies like Uber taking excessive fees at the center.
Decentralized storage, where we earn money by sharing unused capacities, without companies like Dropbox in the middle.
Decentralized computing, without companies like Amazon Web Services serving it.
Decentralized banking, where we control our money ourselves and wrap rules around how we spend it, without central banks.
Decentralized gambling where trust is baked in, and without a house that’s not always so trusted.
Decentralized exchanges for trading financial instruments or products, without central exchanges.
Decentralized titles transfers or real estate transactions without central authorities that control the issuance of deeds.
Decentralized public registries for documents such as marriages, without going through government registrars.



posted on Mar, 13 2015 @ 02:48 AM
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a reply to: wasaka

Thanks Wasaka. Looks like an interesting read. Great post, you said exactly what I didn't have time to/couldn't string the words together.
Cheers.




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