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A Glaring New Conflict Of Interest Undermines Public Trust In Federal Reserve
The Federal Reserve just made the problem of financial firms considered 'too big to fail' a whole lot bigger. That's because the U.S. central bank has hired private equity giant BlackRock BLK, which manages some $7 trillion in assets, to run purchases of corporate bonds and commercial mortgages that are part of its response to the pandemic-led recession. During the 2008 financial crisis, the Fed complained that it had been forced to bail out Wall Street megabanks because of the real possibility that their failure would lead to even deeper economic damage. Financial reforms that became the Dodd-Frank Law were supposed ... (full story)
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Confucius: the man who broke the mountain was the same man who started ...