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Tuesday, June 09, 2009


more on cognitive regulatory capture

via clusterstock -- if confirmed, this will certainly lend weight to the arguments of simon johnson, willem buiter and others.

The New York Fed cannot effectively regulate Citi because it has been captured by the mega-bank, according to a top economic official inside the Obama administration. The close relationship between Citi executives and officials at the New York Fed is stymieing efforts to reform the bank and change its management, according to the official.

The official asked not to be identified.

it would seem that internecine warfare is breaking out in the united states government over bank reform with frustration now boiling over in public -- and further that efforts may be on the way to further tighten control over what is already one of the least independent central banks in the western world.

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How can one be confident that the capture is "cognitive"?

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one couldn't, dm -- i suppose material capture would do just as well. but i do think the new york fed probably believes it is acting in the public interest by protecting their friends.

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