Among the largest borrowers were JPMorgan Chase, Goldman Sachs and Citigroup, three of the Wall Street banks that were at the center of the subprime and derivatives crisis in 2008 that brought down the U.S. economy. That’s blockbuster news. But as of 7 a.m. this morning, not one major business media outlet has reported the details of the Fed’s big reveal.
JPMorgan Chase and Citigroup’s Citibank are among the largest deposit-taking, federally-insured banks in the U.S. Why they needed to borrow from the Fed on an emergency basis in the fall of 2019.
Never before seen a total news blackout of a financial news story of this magnitude in 35 years of monitoring Wall Street and the Fed.
The expansion of the Federal Banking system seems to really have taken off after the turn of the century, so the establishment of a Federal Reserve Bank in that location as a show of power after the Civil war as part of reconstruction seems like a stretch. The current building itself was only built in the 70s, but it still feels like an intentional statement of power over the old Confederate capital.
Is there any reality to this? I can't seem to find any information on the Fed branch establishing itself in Richmond, specifically, compared to any other major city in the region.
Hey Redditors,
I'm going to be starting a new job as an IT contractor with the Federal Reserve Bank. Has anyone here ever worked with them before? What's the likelihood of conversion/contract extension? How was your experience there?
To established a Crypto Bank,a company needs SDPI charter from the local authorities then a master account with Federal Reserve to arrange payments with Central Bank and to conduct settlements with other financial institutions.
Kraken and Avanti are two entities active in Crypto business ,both have received permission under Wyoming law to become Special Purpose Depository Institutions(SDPI)-a new type of financial entity that can transact in Crypto while also performing traditional banking services.
After receiving SDPI charter from authorities,next step is to require a master account at Federal Reserve to arrange payments with Central Bank and conduct settlements with other financial institutions.
But here comes the main problem, Federal Reserve blocked the applications to open the master account without any legitimate reasons.Not only this, Federal Reserve sat on SDPI applications for more than a year and has been slow to communicate with Crypto Banks on why the whole process is taking so much time.
Fed Chair Jerome Powell defending the FED's decision to block Crypto Banks with this statement
>if we start granting these, there will be a couple hundred of them soon.They are hugely precedential, which is why I am taking my time on this"
Even though Mr. Jerome Powell agreed that there are good arguments for treating them as eligible to receive accounts.Just because it's "Crypto Bank" they can't get the permission for master account.
And people think authorities are now realizing the potential of Crypto and ready to accept it as a part of financial system.They are just saying nice words so that their public image remain intact, and their actions are in the direction to stop Crypto at any cost.
Source : https://decrypt.co/90186/powell-lummis-spdi-kraken-wyoming
