Why Does Brian Sack Interact With Goldman's "FX Committee"?

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
TruthInSunshine's picture

Does anyone know if The Federal Reserve 'Bank' has any type of conflict of interest policy, and if they do, can you source where it can be found?

I think this is a relevant and important issue given how many Fed Reserve Members have ties to, and have even worked for, the likes of the Giant Vampire Squid during the past.

AR15AU's picture

The only conflict of interest the Fed cares about is their struggle to get the 10 year under 3% again.

wiskeyrunner's picture

Who cares it's all meaningless, you can do nothing. 

Atomizer's picture

Does anyone know if The Federal Reserve 'Bank' has any type of conflict of interest policy, and if they do, can you source where it can be found?


Yes we do. The conflict is time vs. the FED baton hand off to New World Government entities.

Its all documented here


Hansel's picture

To add one more unhelpful answer,

I think the policy is that conflicts of interest are required.

the rookie cynic's picture

They do have conflict of interest policy; it's their SOP manual.

Raynja's picture

Management meeting with the owners actually its not considered a conflict of interest

Dollar Damocles's picture

The FED is a banking cartel run by the major banks.  There has never not been a conflict of interest there.  Read Case Against the Fed by Murray Rothbard.

Oh regional Indian's picture

Goes to show bankers will jump into the Sack with anyone.

No morals, them banksters.



themosmitsos's picture

Tyler, I must express surprise at this statement: "purchasing bonds and MBS in POMO operations had little if any impact on Goldman's FX trading flow..." !!!

TruthInSunshine's picture

There can be no doubt, based on indirect evidence, and I'd argue much direct evidence, that the commonly held belief that The Federal Reserve 'Bank' is a proxy arm of Wall Street is close to the mark.

When will Bloomberg assign a competent and aggressive network of investigative journalists to pursue this?

When will anyone in the CONgress, including but not limited to Ron Paul, press for some meaningful investigations of this nexus?

When? When? When?

wiskeyrunner's picture

No such thing as a down stock market, all indexes will close green. Down days are a thing of the past now that the FRBNY has taken control of all markets.

goldmiddelfinger's picture

First day's lunch is with Tudor Investments. WTF are all the redactions?

onlooker's picture

Your connect the dots will certainly attract some attention. Modified, SHOULD attract some attention. Realistic, hopefully attracts some attention.

themosmitsos's picture

ps: Watched the Larry Meyer vid and now my brain hurts. Wow

gwar5's picture

They have to talk to God if they're going to do God's work.

It would be very wise of us to move our US gold out from under the FRBNY to West Point where we have facilities. We know they think about gold because they suppress the price to keep their fiat the king.


gwar5's picture

This must be what Central Planning looked like in the Soviet Union.

Nothing is a market. Winners and losers are chosen by status. It worked so well.

This might be a snap shot of USSR circa 1987.

NotApplicable's picture

In Soviet America, the market makes you.

goldmiddelfinger's picture

Dudley has his head up every ass on Wall St


knukles's picture

Somebody's Nut Sack Should Be in a Hurt.

AccreditedEYE's picture

It takes many servants to do God's work properly... and plenty of "networking" to keep the ponzi alive and well.

Mr Lennon Hendrix's picture

"All hail the mighty POMO!"  Said Bernanke as he raised his glass of beer in front of the CEOs and banking heads.

"Malt ale!"  The banking heads replied.

Seasmoke's picture

what a sack of shit

goldmiddelfinger's picture

A burning paper bag of it on your doorstep

Bearster's picture

People get bent out of shape when (presumably) free citizens engage in private transactions based on their own knowledge of legal and uncoerced events.

The true crime is that the government coercively distorts markets and of course its crony cartel profits from it.  While everyone else stands around looking at charts in an attempt to divine the next market moves.  And occasionally looks up from that in order to demand the head of a doctor who is advising a hedge fund on the progress of clinical trials for a drug, as if it was a "crime" to talk about the results of one's work in the real world.  Go back to sleep sheeple...

Hansel's picture

After reading the first 70 pages of appointments, it look to me like Goldman, Morgan Stanley, JP Morgan, Citigroup, Blackrock, etc., are all branches of the New York Fed.  No wonder they can all have perfect trading quarters.  Inside information makes it easy.

miker's picture

The Fed's relationship with the big money banks/firms and their players is no different than Congress's with the big corps (unions when they were strong) and other powerful ($) special interests.  They each need each other to get THEIR things done and typically look the other way at each other's indescretions.

Except this time the indescretions were so egregious and the economy in such danger that the Fed has exerted a much greater leadership role over these guys than ever occurred under Greenspan or Bernake/Geitner before the shit hit the fan.  At least for now, the Fed/Treasury appears to be calling the shots.  Are the banks/hedgies doing this gratis?  Of course not, they're always figuring ways to make money off of policy/plans.  But they're in tow.  That's what all these meetings are about.  Help us lead the plan or you will be taken out.  Do you think the Goldman trial was all for show?  Some, sure but I think Obama/Geitner were making a statement......play ball or this will be you in spades.  They all know there is enough dirt around to put them all out of business.


Do I like it?  It sickens me.

Cursive's picture

TD, this is what makes ZH so great. Where else are we going to not only get this news, but the unvarnished commentary? I know Dudley and Ball Sack and Blankfiend (all 3.5 feet of him) read this and it must drive them crazy. Thanks for that visual.

Mr Lennon Hendrix's picture

The financial implosion is an inside job.  The banks needed to loot money before peak oil hit, because after that, it would be hard for them to maintain their ponzi scheme.

TooBearish's picture

Comon guys - the FED is owned by the member banks fer chrissake - why wouldn't they meet with the member's heads?  The FED is conflicted BY DEFINITION...jeeze....

Mr Lennon Hendrix's picture

Yes and when they meet in Europe all at once they get beat up.

BennyBoy's picture

Dudley is just following orders of the owners of the private bank know as the "FED".




chinaguy's picture

"amusing, if not very surprising, disclosures......"

Plutocracy, Kleptocracy....call it what you wish.....

CD is all over this. A fool could connect the dots....a fool who wished to...it's too painful for the sheeple to realize they are screwed & can't do a damn thing about it...so they watch the MSM, vote in elections and have strong opinions about political parties.



gwar5's picture

They had to meet because destruction of the USD and convincing international trading partners to go along with a new world reserve currency might take weeks. 


unununium's picture

Not one mention of Wells Fargo, or Bank of America.  It's ever clearer who are the rule-makers, and who are the rule-takers.

greenewave's picture


To find out more about the TRUTH of the recent MORTGAGE SCAM, watch the YouTube video “BANK OF AMERICA ~ A PUBLIC DISGRACE” at (http://www.youtube.com/watch?v=cXDpOBOS94A).


This is absolutely appalling and I am dumbfounded why the American people aren’t RIOTING in the STREETS as we speak. Thw civil and political unrest we’ve seen in Europe is without a doubt coming to the United States!

Bend over America and enjoy getting SCREWED by the BIGGEST BAILED OUT BANK in the Country!!

Amish Hacker's picture

To call this a "conflict of interest" would be correct only in a world of real markets, honest banks and uncorrupted government. But in what laughably passes for the real world these days, when Brian Sack is presented like a debutante to the Goldman FX committee, what you have is a "confluence of interests." The people playing this evil game are all on the same team, and are committed to the same outcome.

dcb's picture

geither is gulity of just being an idiot, the real action is with dudley. this is the guy with the dirt on  his hands

dcb's picture

Over two years ago I fingured dudeley as the real guy running the NYfed.  he ran operations under Timmy, who either turned a blind eye, or was just too stupid to know what was going on underneath him, Told what to do by dudley, he did it. Dudley is the one who knows where all the bodies are buried, and has all the dirty little secrets. I was always surprised never to see him testify on capitial hill in the crisis hearnings. I think they didn't want him there to testify under oath

I will bet you he has his dirty little hands in everything. as part of goldman, he had to know about the window dressing, etc. who was exposed to what (AIG). This is the guy who really runs fed monetary policy and translates what wall street wants into bernanke's ear, who makes sure they can front run, etc.

Ned Zeppelin's picture

And this arrangement with the FED being set up in existence as an "independent, a-political" entity is supposedly in place because it would be a terrible, terrible thing if the central bank were under the control of the people through Congress. More like: Hands off, We control the money, not you, you stupid fuckers.  Laughing all the way to the Central Bank.

nkktwotwozero's picture

Anyone know what the "2-B" means in the first symbol/seal?