goldenhinde

Why Isn't the Government Capping Credit Card Interest Rates?

Lawrence: Your comments are perfectly on target. This Spring I was asked by the Board of Governors of the Federal Reserve to construct a training program for bank auditors to audit fiduciary accounts within the US banking system. Our expertise in fiduciary governance is what had them call me in the first place. I didn't seek them out.

I was able to get four of the most senior partners involved in regulatory affairs from White & Case in New York to jointly do the proposal with me. We submitted it and were turned down.

In spite of the fact that a couple trillion of fiduciary assets are under the jurisdiction of the banking system, the Fed chose to hire an organization of people from financial services who train financial service organizations.

I was flagergasted and wrote to the woman in charge of the RFP process.

The Fed is nothing more than a lobbyist for the banking system and this was also evident in their willingness to allow the brokerage community to engage in "tying" relationships. Though against NASD regulations at the time - the Fed again bailed out the banks to the detriment of the beneficiaries of fiduciary Trusts who count on the integrity of the system and the regulatory imperative to have some measure of decency.

Our system is thoroughly corrupt and morally corrupt and this it is from these seeds that we sow our own destruction. We have nothing to fear but our collective unwillingness to face the consequences of our collective actions.

I do a lot of work in the Arab world. They know this about us. So does everyone else.

Respectfully,

Wayne H. Miller
Chief Executive Officer
Denali Fiduciary Management