Scandal Exposed: Guess Who Really Runs the U.S. Treasury?
So who are these people who are not accountable to Congress, to the President, to taxpayers, to no one but themselves? They are Wall Street money managers, traders and hedge fund operators.
By Mike Norman via Global Economic Intersection from EconMatters
The Treasury Borrowing Advisory Committee (“Borrowing Committee”) of The Securities Industry and Financial Markets Association (SIFMA) is an advisory committee governed by federal statute that meets quarterly with the Treasury Department. The Borrowing Committee’s membership is comprised of senior representatives from investment funds and banks. The Borrowing Committee presents their oservations to the Treasury Department on the overall strength of the U.S. economy as well as providing recommendations on a variety of technical debt management issues. The Securities Industry and Financial Markets Association does not participate in the deliberations of the Borrowing Committee.
They are people like, Paul Tudor Jones of Tudor Investment Management, a billionaire hedge fund trader. Or Richard Axilrod of Moore Capital Management, another commodity speculator. Then there’s Stephen Rododsky, Managing Director of Pimco, whose boss, Bill Gross, SHORTED U.S. TREASURIES even as his employee, Mr. Rodosky sits on this very board advising the U.S. Treasury how to operate in the bond market!
Then there is this “genius” statement from the “genius” chairman of this committee, Matthew E. Zames:
Are you kidding?
This is beyond outrageous. This is a total hijacking of the American economy by a bunch of speculators and market operators that have no interest in the average American whatsoever. This is a sham! The public needs to know about this! Please distribute to as many people as possible!
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