I was watching the movie “Pay it Forward” with my 9 year old daughter last night, and we were both moved by the homework assignment Kevin Spacey gave the child star of the movie -“Think of an idea to change the world and put it into action“. Well, here I go…
The CEO of Morgan Stanley just got appointed to the board of the NY Federal Reserve. He joins the CEO and chairman of JP Morgan, Jamie Dimon. These are two of the largest and most powerful banks in the world and these appointments represent the most blatant illustration of regulatory capture that I have ever witnessed. The NY Fed is the most powerful, influential and direct regulator of these two banks, yet the top executives of each bank sits on the board of their own regulators? That is EXACTLY like putting the fox in charge of the hen house..
For those don’t know what the NY Fed is, I excerpt from Wikipedia:
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Working within the Federal Reserve System, the New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions and helps maintain the nation’s payment systems
Among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals. Its current president is William C. Dudley. It is by far the largest (by assets), most active (by volume) and most influential of the 12 regional Federal Reserve Banks.
This video explains more and shows what we’re doing about it.
The Veritaseum solution to regulatory capture is to literally use the zero trust power of the one truly ubiquitous blockchain – that of the Bitcoin network – to remove your assets from the custody, control, ownership and possession of the apparently captured US banking system. With this technology, you can now, and forever, exercise complete control over your assets so it really doesn’t if the biggest executives of the biggest banks control their biggest regulator in order to facilitate the biggest regulatory loopholes, does it?
The ability to exercise and maintain full control of your assets is known as autonomy. Autonomy sits in direct contravention to the heteronomous system that JP Morgan CEO Jamie Dimon, Morgan Stanley CEO Mr. Gorman and the fellow board members of their regulators at the NY Federal Reserve oversee.
Due to the recent breakthroughs in modern consensus networks, this autonomy is attained with relatively few compromises. Here’s an overview of how we do it.
For more information on adopting our framework, working for us or investing in us, see http://veritaseum.com.