Deloitte also audits the US Federal Reserve Bank system.
FORBES: Forget Everyone Else: Why Aren't Auditors Answering For Financial Crisis?
In choosing the topic for this year's symposium--maintaining stability in a changing financial system--the Federal Reserve Bank of Kansas City staff is, once again, right on target.
He says the Federal Reserve Board, acting as arbiter of the bank settlement system, should outlaw no-surcharge rules.
Better, perhaps, if only five, say, were allowed to vote at any time, with revolving terms like the arrangements for district-bank presidents in America's Federal Reserve System.
The Federal Reserve Bank of New York, just three blocks from the World Trade Center, remained open throughout the day, though it shifted its electronic funds transfer and security transfer system to backup computers at the Federal Reserve Regional Bank in Richmond, Virginia.
The New Yorkers, in turn, will use the Federal Reserve's clearing system to wire the money to a correspondent bank in Memphis.
The Federal Reserve Bank of New York, which supplies liquidity to much of the banking system, has no plans to move away.
Despite several rate cuts by the Federal Reserve, and additional efforts by the central bank to pump cash into the banking system to ease the credit crunch, banks are still finding the need to raise additional capital by either slashing their dividend, as National City Corp. did last week, or selling stakes to outside investors.
Despite several rate cuts by the Federal Reserve, and additional efforts by the central bank to pump cash into the banking system to ease the credit crunch, banks are still finding the need to raise additional capital by either slashing their dividend, as National City Corp. (nyse: NCC - news - people ) did last week, or selling stakes to outside investors.
The Bank Panic of 1907 is considered the primary catalyst in the creation of the Federal Reserve System.
In the U.S., you see, there was a Sovereign debtor and a central bank, the Federal Reserve, that together staved off the crisis by pouring trillions in the financial system here and in Europe.
FORBES: The European Bank Crisis of 2011 Is Worse Than The 2008 US Bank Crisis
The countries are all subject to U.S. sanction and the U.S. Department of Justice and Federal Reserve say Standard Chartered Bank moved millions of dollars between 2001 and 2007 illegally through the U.S. financial system on behalf of Iranian, Sudanese, Libyan and Burmese entities.
FORBES: Standard Chartered Will Pay Another $327M For Illegal Iran Dealings
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