'Are any primary dealers going to be fired?'
With Maxine Waters back in the news, here's a look at Bernanke's testimony from late July. This is actually pretty decent work from Waters. She questions Bernanke on primary dealers and whether any are going to be 'fired' by the Fed if found to be guilty of Libor manipulation. Yeah, right. She also asks Ben for his opinion on eminent domain seizures in California as well as the OCC program to compensate victims of foreclosure fraud.
Let's have a look under the FRBNY hood. Since the Chairman's testimony 7 months ago, HSBC, Barclays, RBS and UBS have all been fined and have since settled with regulators.
Might there names still appear on the following list?
New York Fed's List of Primary Dealers
Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.
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All is functioning as it should in Banana Republic, U.S.A. Carry on.