Pam As Well As Russ Martens — Come Across The Hush-Hush Wall Street Grouping Whose Fingerprints Are All Over The 2008 Crash

Since 1999 the master copy peril officers of the Wall Street banks that blew themselves upward inward 2008 because of reckless too irresponsible peril practices convey been coming together inward clandestine too calling themselves the Counterparty Risk Management Policy Group (CRMPG). Their excogitation was to periodically liberate erudite-sounding reports to regulators suggesting that Wall Street could police line itself nether a laid of “Guiding Principles” inward gild to perpetuate its off remainder canvas debt bombs, unregulated OTC derivatives too a self-regulation regime.

The grouping was led past times erstwhile New York Fed President E. Gerald Corrigan who thus moved on to a lucrative career at Goldman Sachs.

Representatives from banks similar Lehman Brothers, Citigroup, Bear Stearns too Merrill Lynch sat on substitution committees of the Group too helped to formulate the “Guiding Principles” for Wall Street. Lehman Brothers filed bankruptcy on September 15, 2008 – simply 5 weeks after a written report from the group on managing peril was released. One solar daytime earlier the Lehman collapse, Merrill Lynch had collapsed into the arms of Bank of America. In March of that year, Bear Stearns had already collapsed into the arms of JPMorgan Chase amongst a generous fiscal aid from the Fed. In the same year, Citigroup became insolvent too received the largest taxpayer bailout inward U.S. history.

Notwithstanding the hubris of these peril managers lecturing others on how to comprise peril spell their ain institutions are inward the procedure of an epic collapse because of negligently managed risk, the Federal Reserve truly deferred to this grouping at the pinnacle of the crisis inward 2008....

Wall Street On Parade
Meet the Secret Wall Street Group Whose Fingerprints Are All Over the 2008 Crash
Pam Martens too Russ Martens