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Federal Reserve Bank Admits AGAIN That It Is Not a Federal Agency
As we’ve reported for over 4 years, the Federal Reserve banks are private, not government agencies.
Indeed, the government admitted 86 years ago that the Fed banks are private. And the Fed has repeatedly reaffirmed this fact.
As Matt Stoller points out, they have just done so again … in the AIG trial. Specifically, government lawyers said:
Now, some of the documents … were not actually produced by the United States, they were produced by the Federal Reserve Bank of New York, which is a third party.
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First, let me start by saying I agree that the Federal Reserve is a private, 3rd-party entity composed of many private, foreign banks.
That said, George is relying on his misunderstanding of civil procedure to try to make this point.
If I issue a subpoena duces tecum to a particular government agency seeking certain documents that are actually in the possession of a different government agency, they will simply respond with a pointed letter stating that those documents are not in "their" possession. (By the way, I have had this happen many times,..)
If you want certain documents, the SDT must be addressed to the correct custodian of records.
Government agencies, even at the same level of government (i.e., municipal, county, state, federal) consider all other agencies as "third parties" for purposes of SDT's.
All the above transcript proves is that the subpoena was apparently sent to the wrong US government agency; it should have been sent to the FRBNY..
C'mon George, do your homework before posting...
What part of "not actually produced by the United States," did you not understand there?
But it seems that the FRBNY wants it both ways to suit. They have also, on many occasions, refused to provide documents under FOIA because, again, they maintained that they are not a Government Agency. As a private third-party, if it can be proven that it deliberately manipulates markets, it should not, therefore, be above the law and should be subject to the normal discovery process?
Pool, there is a lawyer's convention on a cruise ship leaving out of Port Miami tomorrow. I can get you in last minute.
"First, let me start by saying I agree that the Federal Reserve is a private, 3rd-party entity composed of many private, foreign banks."
"All the above transcript proves is that the subpoena was apparently sent to the wrong US government agency; it should have been sent to the FRBNY.."
"C'mon George, do your homework before posting... "
UM...
Wait. WHAT?
I'll try to understand your wisdom here.
First, let me agree with you that the sky is blue. I mean, it doesn't matter what I THINK about it, and I can't change the fact that it IS blue, but I thought I should tell you that I agree that the sky IS, in fact, BLUE. That being said, it is perfectly clear that anyone ELSE who states that the sky is BLUE doesn't do their homework before saying so. Because the sky isn't really BLUE, you see...
You are such a FART SMUCKER... I've never had one of those 'SDT's (or 'STD's). Do you drip ALL the time, or only some of the time?