The NY Fed is THE Boss

Pam Martens of Wall Street on Parade has been bashing the NY Fed for quite a while. Her basic argument is that the bank is riddled with conflicts of interest; the bank is basically in bed with Wall Street. Some points she makes in her latest diatribe:

This is just a partial list of how the New York Fed is unique among its peers:
The President of the New York Fed sits permanently on the Federal Open Market Committee (FOMC). The Presidents of the other 11 regional banks rotate on the FOMC;
Although there is no law requiring that the New York Fed should be the sole regional Fed Bank to conduct the open market operations of the FOMC, it has uniquely served in this function since 1935;
It is the only regional Fed Bank to have its own trading floor and speed dials to the largest firms on Wall Street;
It is the only regional Fed Bank to be allowed to intervene in foreign exchange markets;
The New York Fed, uniquely among the regional Fed Banks, stores gold for foreign central banks, governments and international agencies;
The New York Fed played a uniquely controlling role in the disbursement of trillions of dollars in loans to foreign and domestic banks during the 2007 to 2010 meltdown of Wall Street;
And, problematically, while needing the good will of Wall Street firms to carry out its open market operations mandate, it simultaneously functions as a primary regulator to some of the largest firms.

You really should read the full article. It will raise some fundamental questions about our government.