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Sheila Bair Op-Ed: Fed Ends Foreign Banks' Game Of Musical Chairs

Monday, February 24, 2014 - 2:03 PM
The former FDIC Chair, Sheila Bair, has some interesting commentary on the Fed's decision last week to impose more requirements on US operations of foreign banks:
Prior to the crisis, foreign banks were free to move their capital and liquidity around pretty much wherever they wanted. Playing a dangerous game of musical chairs, they just kept circulating it around the globe, mostly taking money out of the U.S. and sending it elsewhere. 
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4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Monday, February 24, 2014 - 2:17 PM
Finally!  The Fed is actually going to quit sleep walking through it's responsibilities and do something about all the wealth from US taxpayers being hidden in foreign banks.  This is great news and I do hope they follow through with their decision.  Imagine the amount of extra tax money this will bring back to the US.  Maybe they can keep Medicare from going bankrupt after all!
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
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