[7]
"Primary dealers" play a critical role in the creation of US Government debt, the circulation of fiat money, the execution of monetary policy and the governance of the Federal Reserve Bank.
For this they are subsidized handsomely by a multitude of schemes all of which essentially erode the purchasing power of your savings.
It is not suprising that Primary Dealers are subject to rigorous selection criteria...
[8]
"The New York Fed expects a primary dealer to maintain a robust compliance program, including procedures to identify and mitigate legal, regulatory, financial, and reputational risks."
"The New York Fed may take action against any primary dealer that does not comply with the standards set forth in this policy. That action will vary depending upon the type of non-compliance, but may range, for instance, from suspension from one or all programs for a period of time to termination as a primary dealer."
Source: NY Fed website
WB7: Have you ever seen or heard of a bigger fucking joke?
Don't answer that please...