[7:45am ET] Will we ever get to the bottom of the controversy that Ken Lewis stirred up with respect to behind-the-scenes management of the private sector by monetary authorities such as the US Federal Reserve Bank and the US Treasury Department?
Yesterday, there was some tough grilling of the Bank of America CEO, but at the end of the day all the public received in terms of advancement of our rights is a modicum of additional transparency. We can now say that some congressional representatives are prepared to subpoena emails between the Fed and the parties we are told they are supposed to be regulating.
Is that enough? Are we ever going to get to the bottom of the real issues, the inherent conflicts of interest that go on when a private sector organization like the Fed is empowered as an instrument of public policy, or when the public
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