Secrets of the Temple: How the Mighty & Mysterious Federal Reserve Runs the Country (1987)

Published on Jun 24, 2022
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The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street, New York, New York, it is by far the largest (by assets), most active (by volume) and most influential of the Reserve Banks.

The Federal Reserve Bank of New York acts as the market agent of the Federal Reserve System (as it houses the Open Market Trading Desk, which executes transactions for the System Open Market Account),[2] the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve,[3] in addition to having the same responsibilities and tasks as the other Reserve Banks.[4][5]

Among the other regional Reserve banks, the New York Fed and its president are therefore considered first among equals.[6] Its current president is John C. Williams.

In 2009, the Bank commissioned a probe into its own practices. David Beim, finance professor at Columbia Business School submitted a report in 2009, released by the Financial Crisis Inquiry Commission in 2011, saying "that a number of people he interviewed at the reserve bank believe that supervisors paid excessive deference to banks and, as a result, they were less aggressive in finding issues or in following up on them in a forceful way".[18]

In 2012, Carmen Segarra, then an examiner for the Bank, told her superiors that Goldman Sachs had no policy governing conflicts of interest. She was dismissed in May 2012 and brought a lawsuit for whistle-blower retaliation in October 2013. In April 2014 the U.S. District court in Manhattan dismissed the case, "ruling that Segarra failed to make a legally sufficient claim under the whistle-blower protections of the Federal Deposit Insurance Act".[18] In September 2014, Segarra's secretly recorded conversations were aired by This American Life and the Bank was accused of political corruption by being a "captured agency", i.e., subject to regulatory capture, of the banks which it supervises.[19][20]

In the first Godfather movie, the "meeting of the Dons" scene uses the Federal Reserve building exterior, even though the interior of another New York building (the Penn Central railway boardroom) was also used for filming.

In the 1974 film The Taking of Pelham One Two Three hijackers take over a subway train car and demand $1 million for release of the car and 19 passengers, and the city must deliver it to the train car within one hour or the hijackers will start executing passengers at the rate of one per minute until it's delivered. The money for the ransom, to be provided in bundles of used $50 and $100 bills, is frantically assembled by workers at the Federal Reserve Bank of New York while a police cruiser waits at the front entrance for it to be assembled for delivery.

The Federal Reserve Bank of New York plays a prominent role in the 1995 film Die Hard with a Vengeance, starring Bruce Willis and Jeremy Irons. The Federal Reserve Bank is the setting for a major heist of the gold by Jeremy Irons' character, Simon Gruber. The vault is penetrated under the pretense of construction work and the gold bullion transported via dump trucks to a location outside the city.

The New York Fed publishes a series of educational comic books about its activities. Included are such titles as Once upon a Dime, The Story of Money, Too Much, Too Little, A Penny Saved . . ., and The Story of Foreign Trade and Exchange.[22]

During the final season of the TV series The Strain, the protagonists use the abandoned Federal Reserve to hide their stolen nuclear warhead until they can determine how to use it against the Master. While the gold supply is acknowledged, more focus is given to the silver, which is melted down to create weapons to use against the vampires.

In the TV series The Endgame, the Federal Reserve is one of the banks targeted by Elena Federova's Snow White criminal organization. However, it's revealed that this apparent robbery is merely a means of exposing the fact that the gold has already been stolen and replaced with painted clay bars by the rival Belok syndicate, with help from the corrupt President Andrew Wright.

Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a German-born American investment banker who served as the 2nd Vice Chair of the Federal Reserve from 1916 to 1918. Prior to his term as vice chairman, Warburg appointed as a member of the Federal Reserve Board of Governors since 1914. He was an early advocate of the US central bank system.


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