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2:30 p.m. | Again, no answer: Representative Joe Donnelly of Indiana asks how long the S.E.C. knew there was a one-person accounting firm involved in Mr. Madoff’s operation. Ms. Thomsen said she couldn’t answer that question.
It's no longer any secret that America is not a democracy but rather a ruthless Oligarchy, run and controlled by the major banks – i.e., the very owners of "our" Federal Reserve with its monopoly debt-money creation and destruction powers.
There is no power greater than the money power, and thanks to a corrupt Congress in 1913 - who were coerced and corrupted to override the wisdom of the founders - this seminal power is no longer in the people’s hands.
At the head of the American money-banking oligarchy sits one of the premier international merchant banks, Goldmann Sachs. Its influence on markets and monetary policy is clearly enormous. In effect, Goldman Sachs alone is a quasi-governmental agency – i.e., a private preserve of public power and government bond-dealer influence.
We should remember that not only is insider information generated and used by the likes of a Goldman Sachs (working two sides of trades, and paying the fees of the "independent" bond analysts ) but its influence amongst the coterie of large bank owners of the "Federal " Reserve is also enormous. This private ability to know and to direct "governmental" monetary and fiscal policy is then a Fed insider’s dream, and bond dealer’s paradise.
How much a Goldman Sachs and its brethren profit off their positions as Fed insiders, stockholders and, as with Goldman, whose "former" personel serving as the Secretaries of the Treasury" is unknown. This is largely because we are kept from looking, and the private Fed is exempt from the Freedom Of Information Act.
Clearly, they have us coming and going and the potential for profiteering thru inside information and policy-making influence is enormous. This corruption and profiteering can also easily escape detection via partners in foreign markets where oversight is missing, and political influence is all-powerful.
Not completely, but it doesn't mean they aren't trying. It seems that, literally, only flesh eating bacteria can stop these guys.
The Canadian dollar breaks above parity and, lo and behold, last Thursday, a Goldman managing director, Mark Carney is named governor of the Bank of Canada.
Mario Draghi, governor of the Bank of Italy, is also a former Goldman managing director.
Then, of course, there is U.S. Treasury Secretary, Hank Paulson, who was Chairman and Chief Executive Officer of Goldman.