Fed Manipulation Defined: The President's Working Group on Financial Markets
Post Goal: Further define US Government players in Market manipulation. Because JMP and Bankers get a lot of attention, I thought readers might appreciate this equally relevant information.
The President's Working Group on Financial Markets
- Ironically, the group was created by Ronald Reagan in the response to 1987's Black Friday event.
- The group consists of the Secretary of the Treasury as Chairman, The Chairman of the Board of Governors of the Federal Reserve, the Chairman of the Securities and Exchange Commission, as well as the Chairman of the Commodity Futures Trading Commission. Obviously the President is a key member.
- They are also known as the Plunge Protection Team. Their mission: "enhancing the integrity, efficiency, orderliness, and competitiveness of [United States] financial markets and maintaining investor confidence".
The Daily Bell has an excellent article on the topic, relevant today (though dated THURSDAY, JULY 07, 2011).
Not sure how long it will work, but here's a Google search for the "past month" HERE.
