Confidential: Federal Reserve Employees Admit: Afraid To Speak Out
|November 27, 2013||Posted by Staff under Corruption, Financial|
Regulators overseeing the nation’s largest financial institutions are distrustful of their bosses, afraid to speak out, and feeling isolated, according to a confidential survey this year of Federal Reserve employees.
The shaky morale is a legacy of Alan Greenspan’s 19-year term as Fed chairman. From 1987 to 2006, the Greenspan Fed pushed for a hands-off approach by regulators, who then found themselves blamed for the financial crisis that led to the most punishing economic downturn since the Great Depression.
Most say that top leaders are failing the organization, in part by not communicating honestly, and that employees are in the wrong jobs, or are poorly managed.
Even in a bureaucracy traditionally rife with turf wars and secrecy, the Fed stands out among banking regulators for its low marks on key issues such as trust and collaboration, according to comparable survey results from the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency.
Nearly a dozen current and former Washington-based Fed employees corroborated the Fed survey results, some by offering personal examples of Fed regulators who had been marginalized after challenging senior leaders or pushed out over apparent personality conflicts. They all spoke on the condition of anonymity for fear of losing their jobs.
Ed. Notes: Bigger picture: Should a society’s currency be run by a bureaucracy, never mind how well meaning (or not)? Could currency be handled by community trading groups operating on consensus? Could the role of government (which the Fed is not actually a part of) be simply to set standards that currencies would have to meet to become legal tender? We decentralize credit cards; why not decentralize the creation of credit?