Stoller: NY Fed official wants US sold to China faster

[Squigglenob]

Sell America to Communist China Faster, Says New York Fed Official and Schneiderman Foe Kathryn Wylde
By Matt Stoller, 31 August 2011, nakedcapitalism.com

The elite consensus in American politics is held together by a small group of well-paid and well-connected insiders who are marbled throughout the world of corporations, banks, government service, and elite nonprofits. Who are they? And what do they believe?

One way to start is to look at who is being recruited to attack Eric Schneiderman, the liberal New York Attorney General going after the big banks. Normally these people stay behind the scenes, but in this case, we're getting a nice peak behind the curtain. The best example so far is Kathryn Wylde, the chief of the nonprofit Partnership for New York City, a big bank/corporate-funded lobbying group that advises political officials on how to build a more business-friendly New York.

Wylde, importantly, sits on the Board of the New York Federal Reserve as a Class C Director, the group that is supposed to represent "the public." Yet, after Schneiderman got into a contentious legal fight with Bank of New York Mellon over foreclosure fraud, the bank literally referred reporters to Wylde for her comment. She even went so far as to confront Schneiderman at a funeral. Because she's a director of the New York Fed, her actions reflect on the Fed. Let's start there. Wylde is appointed, and can be fired, by the Federal Reserve Board in Washington, DC, according to Section 11(f) of the Federal Reserve Act (these Board members are Ben Bernanke, Janet Yellen, Elizabeth Duke, Dan Tarullo, and Sarah Bloom Raskin).

Should she be fired? Let's look at the facts.

Read rest of the link here: http://www.nakedcapitalism.com/2011/08/matt-stoller-sell-america-to-communist-china-faster-says-new-york-fed-official-and-schneiderman-foe-kathryn-wylde.html

[snagglepuss]

1. Thanks for posting. Schneiderman has certainly touched a nerve.

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