Thursday, February 6, 2014

Fed Vice-Chair Nominee Stanley Fischer Worth Up to $56.3 Million;Gained Wealth By Working for the Banksters

Stanley Fischer, the nominee for vice chairman of the Federal Reserve, disclosed assets of as much as $56.3 million, reports Bloomberg.

The man also has quite the bankster portfolio. Bloomberg continues:
While Fischer has spent much of his career as an academic and government official, he served as vice chairman of Citigroup Inc. from 2002 to 2005 and amassed a personal fortune of between $14.6 million and $56.3 million, a sum that would make him one of the wealthiest Fed officials. The nominees value their assets in ranges, making a precise tally impossible.

Fischer and his wife will sell holdings in nine companies, such as American Express Co., T. Rowe Price Group Inc. and General Electric Co., if the former governor of the Bank of Israel wins Senate confirmation, according to documents filed with the Office of Government Ethics.

“After confirmation but before I assume the duties of the position of Federal Reserve Governor, I will divest my interests” in the companies, Fischer wrote.

The disclosures are required as part of Fischer’s confirmation to become the central bank’s No. 2 official under Chairman Janet Yellen. The Fed supervises bank holding companies and those financial firms deemed to be vital to the health of the financial system. 
In a letter Fischer sent to the Federal Reserve Board ethics office, he also disclosed positions in Blackrock, TorontoDominion Bank, and, note well Bitcoin fanboys, MasterCard. He also holds a position in the Citigroup Empoyees Fund of Funds I LP. His wife owns stock in American Express, General Electric, Berkshire Hathaway and, note well Bitcoin fanboys, MasterCard.


  1. "Fischer and his wife will sell holdings in nine companies, such as American Express Co., T. Rowe Price Group Inc. and General Electric Co., if the former governor of the Bank of Israel wins Senate confirmation, according to documents filed with the Office of Government Ethics."

    And I'm guessing any profits will be tax-free, invoking the Hank Paulson rule.

    "All animals are equal, but some animals are more equal than others."

    1. Excellent Point! All in the service of mother and country you know.

      Banana Republic indeed

  2. AIPAC’s Fed Candidate Stanley Fischer on a Warpath Against Iran

    Some of Fischer’s accomplishments – from co-authoring a seminal textbook on macroeconomics to handling economic crisis at the IMF have – not surprisingly – been recalled by his many supporters. Other doings that shed light on Fischer’s controversial attributes – such as overhauling how U.S. aid and trade packages are delivered to Israel – have been mostly ignored. Appointing an openly dual Israeli-American citizen into the most important central bank in the world could be a watershed moment. While the doors of federal government have long swung open for Israel-lobby appointees focusing most – if not all – their energies on advancing the interests of a foreign state, any who were actually Israeli dual citizens have traditionally kept that a closely-guarded secret. Fischer’s long-term boosters, including the American Israel Public Affairs Committee (AIPAC), likely want to accustom Americans to openly dual citizens circulating between top roles in the U.S. and Israeli governments. A closer examination of Fischer reveals that average Americans have good reason to oppose his appointment, because his lifelong achievements for Israel have imposed high costs and few benefits to the United States while making peace more difficult to achieve.

    The U.S.-Israel Joint Economic Discussion Group fundamentally transformed U.S. aid to Israel forever. Before the Reagan administration, most U.S. aid to Israel took the form of loans that had to be repaid with interest. After the input of Fischer’s team, subsequent U.S. aid was delivered in the form of outright grants paid directly from the U.S. Treasury – never to be repaid or conditioned when Israel took actions the U.S. opposed.

    Issues of long-term importance to most Americans, such as returning U.S. aid to the traditional format of loans to be repaid and the likely impact of the FTA on U.S. jobs went unaddressed by Fischer. Fischer’s core achievement – that the transformation of aid from loans to outright taxpayer give-aways – has been unchanged since 1986. The premises behind this ever-increasing entitlement and one-sided FTA performance are likewise never reexamined by Congress – despite the fact that a majority of polled Americans have come to oppose aid increases to Israel. Fischer’s rare admonitions that Israel be held to account, unlike like the economies he transformed through biting IMF austerity programs, have remained nothing more than lip service.
    Working more closely with Israel and AIPAC, the Fed could become a vital node for reinterpreting and enforcing old or new laws aimed at outlawing and punishing groups organizing such grass-roots activities by targeting U.S. bank accounts and freezing their financial flows.

    Fischer may also want to launch "exercises" to prepare the U.S. financial system for the fallout of Israeli military attacks on Iran. New bills in Congress drafted by AIPAC call not only for additional sanctions aimed at thwarting a fledgling deal on Iran’s nuclear program (favored 2-to-1 by Americans). AIPAC’s bill forces the U.S. to "have Israel’s back" in the event of a unilateral Israeli strike. If Israel has already decided to attack Iran, it would benefit immensely from having Fischer inside the Fed, protecting the financial flows Israel now regards as all but a birthright from its primary global underwriter. Less well-known is the Fed’s authority to authorize foreign bank acquisitions. Any future Israeli campaign to further entwine its banks into the U.S. financial system through acquisitions would likely find a much more welcoming regulator in Fischer.

  3. "former governor of the Bank of Israel"

    Barbarians inside the gates...

  4. Net worth range of $42 million?? Sounds like he needs a new CPA.

    1. about an audit? 3 years in the private sector after working in government and academia and he accumulates this kind of after tax wealth? how?

      didn't citicorp swan dive into a black hole while he played vice chair?

      Is vice defined as a practice, behavior, or habit generally considered immoral, depraved, or degrading in the associated society, in this case? Sure looks like it.

      Everyone's a genius but no one sees that the public is getting it up the ass!!!!!!!!!!!!!!!!!!!!!!!!!

  5. The bailout of the banking industry, car co's, and stock market in 2008-2009 blatantly demonstrated the myth of a capitalistic, free-market economy in the U.S. (and elsewhere). The policymakers and their friends were up to their eyeballs in terms of wealth associated with all of this, so they bailed themselves out. At 2014 they are wealthier and more powerful than ever. A small cadre now 'gets this,' but sadly the general population does not get it, or chalks it off as que sera, sera.

  6. Look into the face of evil, and see it for EXACTLY what it is.