One New York Fed employee, a supervisor, described his experience - TopicsExpress

One New York Fed employee, a supervisor, described his experience in terms of regulatory capture, the phrase commonly used to describe a situation where banks co-opt regulators. Beim included the remark in a footnote. Within three weeks on the job, I saw the capture set in, the manager stated. Confronted with the quotation, senior officers at the Fed asked the professor to remove it from the report, according to Beim. They didnt give an argument, Beim said in an interview. They were embarrassed. He refused to change it.

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