Lest it be presumed that no
harm to society can come from having Wall Street bank CEOs such as Jamie Dimon
(of JP Morgan) on the New York Fed’s board of directors, Marcus Agius, the
former chair of Barclays who resigned after his bank agreed to pay $450 million
to settle accusations of rate-setting, was also the honorary chairman of the
Bankers’ Association of the state of Britain in the E.U. That association oversees
one of the key rates in question, the London interbank offered rate, or Libor.
The full essay is at Institutional Conflicts of Interest, available in print and as an ebook at Amazon.