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.Full Story»
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.
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.
Former Treasury Secretary Timothy Geithner’s new book, “Stress Test,” discusses the financial crisis of 2007-8 and Geithner’s supervision of the banking giant Citigroup.
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