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Secret Tapes Hint at Turmoil in New York Fed Team Monitoring JPMorgan(0)

November 18, 2014

As the Federal Reserve Bank of New York moved to beef up its oversight of Wall Street two years ago, the team charged with supervising the nation’s largest bank, JPMorgan Chase, was in turmoil. Fed examiners embedded at JPMorgan complained about being blocked from doing their jobs. In frustration, some requested transfers.

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California Governor Signs Bill to Protect Temp Workers

California Gov. Jerry Brown signed into law a bill holding the state’s employers legally responsible for wage and safety violations committed by their subcontractors and temp agencies. With the new law, California will have some of the country’s farthest-reaching protections for temporary workers, among the fastest growing and most vulnerable segments of the workforce.

Inside the New York Fed: Secret Recordings and a Culture Clash

A special examiner hired – and fired – by the Federal Reserve Bank of New York recorded about 46 hours of meetings and conversations with her colleagues. Many of these events document key moments leading to her firing. But they also offer an intimate study of the New York Fed’s culture at a pivotal moment in its effort to become a more forceful financial supervisor.

The Need for a New Way to Teach Economics

A senior professor of economics argues that the economics now being taught in university classrooms “makes it appear as though markets descended straight from heaven while maintaining a conspiracy of silence on the Achilles heals of free markets such as not paying sufficient attention to safety, not caring enough about the environment, and being indifferent to the welfare of future generations.”


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