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Fed Nominee Stanley Fischer Has a Citigroup Problem

Tuesday, March 4, 2014 16:35

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(Before It's News)

TND Guest Contributor: Pam Martens |

Stanley Fischer, Former Vice Chairman of Citigroup, Nominated to Serve as Vice Chairman of the Federal Reserve Board of Governors

Last evening, the U.S. Senate Banking Committee made the unexpected announcement that it was postponing the confirmation hearing of Stanley Fischer to serve as Vice Chairman of the Federal Reserve Board of Governors. Two other Fed nominees were to be vetted today. The hearing had been scheduled for 10 a.m. this morning in the Dirksen Senate Office Building. No reason was given for the postponement.

There are surely some veteran lawyers at the Securities and Exchange Commission (SEC) hoping the nomination of Fischer has been scuttled. The thought that Stanley Fischer, a former Vice Chairman of the serially corrupt Citigroup, could become Vice Chairman of the Federal Reserve, a regulator of mega banks like Citigroup, is not a source of comfort. Fischer was nominated for the post by President Obama, whose devotion to failing up on Wall Street regularly sets new heights.

As if as on cue, news broke just yesterday that Federal prosecutors have issued grand jury subpoenas to Citigroup in a money-laundering investigation, a topic with which the bank is intimately familiar.

During Fischer’s stint at Citigroup, from February 2002 through April 2005, he “amassed a personal fortune of between $14.6 million and $56.3 million” according to Bloomberg News. During that same period, Citigroup was repeatedly charged with fraud and embarked on its own exotic financial shenanigans that would end up collapsing the firm in 2008.

On April 28, 2003, the SEC charged that the investment banking business of Citigroup, Salomon Smith Barney, issued “fraudulent” research on telecommunications companies to promote its investment banking business. Jack Grubman, the company’s star telecom analyst, was the point man in the fraud according to the SEC and Citigroup rewarded him handsomely for it. The SEC noted in its complaint that “between 1999 and August 2002, when he left the firm, Grubman’s total compensation exceeded $67.5 million.”

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This Pam Martens article segment is reprinted with permission. Wall Street On Parade is a public interest project created and maintained by Russ and Pam Martens. Mr. Martens’ career spans four decades in publishing and printing management, including magazine and music publishing and the non-profit sector. Mr. Martens has received numerous awards in publishing and graphic design. Ms. Martens worked on Wall Street for 21 years. The last decade of her career was spent as an outspoken critic of Wall Street’s corrupt practices, its private justice system and the repeal of the Glass-Steagall Act. Ms. Martens’ earlier career was in publishing, including editor-in-chief of a national trade magazine.

Mission: Wall Street On Parade hopes to level the playing field between Wall Street and the 99 percent. Wall Street is a jungle of devices to effect an institutionalized wealth transfer system. The goal of this web site is to provide the jungle guide to the 99 percent in the hope of bringing about citizen-inspired change.