That's either incredibly stupid, or propaganda. My money is on propaganda.
It seems every single article on that entire site (wallstreetonparade.com) is one part relevant fact, then one part unrelated fact with plenty of innuendo to invite you to draw spurious linkages between those.
There's a fantastic amount of noise that various large banks are major shareholders of the NY Fed, for example.
This despite the fact that being a shareholder of one of the Federal Reserve Banks gives no control over it; or that being a shareholder is effectively required by law. The overwhelmingly vast majority of Fed 'profits' are required by law to be returned to the Treasury rather than distributed as dividends.
Similarly there's a lot of hullaballoo that James Gorman (CEO Morgan Stanley) is on the board of directors, despite the fact his bank is overseen by the NY Fed. OK, sure, but Class A directors (elected by the banks, and required to be bank representatives!) are only a third of the board and cannot participate in regulatory decisions.
It seems every single article on that entire site (wallstreetonparade.com) is one part relevant fact, then one part unrelated fact with plenty of innuendo to invite you to draw spurious linkages between those.
There's a fantastic amount of noise that various large banks are major shareholders of the NY Fed, for example.
This despite the fact that being a shareholder of one of the Federal Reserve Banks gives no control over it; or that being a shareholder is effectively required by law. The overwhelmingly vast majority of Fed 'profits' are required by law to be returned to the Treasury rather than distributed as dividends.
Similarly there's a lot of hullaballoo that James Gorman (CEO Morgan Stanley) is on the board of directors, despite the fact his bank is overseen by the NY Fed. OK, sure, but Class A directors (elected by the banks, and required to be bank representatives!) are only a third of the board and cannot participate in regulatory decisions.