Enhanced transparency needed to address widespread financial manipulation
Former World Bank senior counsel Karen Hudes blows the whistle on large-scale corruption in the global financial network, centring around US Fed May 27, 2013 | Magessan RajIf the sentiments of Karen Hudes, a former attorney at World Bank’s legal department, are of any indication, her verdict on the global financial system is a damning one, with the network allegedly overrun by corruption and led by several power-hungry individuals centred around the US Federal Reserve (US Fed). Fired for her whistleblowing efforts on the problems at the World Bank, Hudes has since joined a network of fellow whistleblowers determined to expose the misdeeds and corruption going on behind the scenes. In a recent interview with The New American, Hudes cited a 2011 Swiss study “The Network of Global Corporate Control” in pointing out how financial institutions as well as central banks exert an exorbitant amount of influence over the international economy. The research paper presented the first global investigation of ownership architecture in the international economy, with transnational corporations forming a “giant bow-tie structure”, while a large portion of control flows to a small tightly-knit core of financial institutions. “What is really going on is that the world’s resources are being dominated by this group,” Hudes explained, adding that corrupt figures have managed to use the media to cover up their crimes and are getting away with it. “This is a story about how the international financial system was secretly gamed, mostly by central banks — they’re the ones we are talking about. The central bankers have been gaming the system. I would say that this is a power grab,” Hudes said, having observed the machinations of the global financial network up close during her stint at the World Bank. Citing 147 financial institutions and central banks at the heart of the network, Hudes reserved special mention for the US Fed, created by the country’s congress but essentially owned by a group of private banks, ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Capital & Strategic Issues, Risk and RegulationCapital & Strategic Issues,Risk and Regulation, Capital & Strategic Issues,Risk and Regulation, Keywords:Karen Hudes, US Fed, World Bank, BIS Karen Hudes, US Fed, World Bank, BIS
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