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Home / Mike Norman Economics / Woman Who Helped Expose Wall Street Mega Banks’ Vast Holdings of Physical Commodities Is Nominated as a Top Bank Regulator — Pam and Russ Martens

Woman Who Helped Expose Wall Street Mega Banks’ Vast Holdings of Physical Commodities Is Nominated as a Top Bank Regulator — Pam and Russ Martens

Summary:
Omarova represents a triple threat to the insidious behavior of mega banks on Wall Street: she has an in-depth knowledge of how they operate; she is not timid about explaining it to investigative bodies in the U.S. Senate; and, as head of the OCC, she would have a bully pulpit to speak to the American people directly about the urgency of reining in the systemic risks on Wall Street.Omarova has already demonstrated to Wall Street that it should not underestimate her. In 2013 and 2014, the U.S. Senate took testimony from witnesses on the matter of the mega banks on Wall Street quietly buying up unprecedented amounts of physical commodities and then trading on their inside information of those markets. Witnesses pointed to the Federal Reserve as aiding and abetting these egregious

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Omarova represents a triple threat to the insidious behavior of mega banks on Wall Street: she has an in-depth knowledge of how they operate; she is not timid about explaining it to investigative bodies in the U.S. Senate; and, as head of the OCC, she would have a bully pulpit to speak to the American people directly about the urgency of reining in the systemic risks on Wall Street.

Omarova has already demonstrated to Wall Street that it should not underestimate her. In 2013 and 2014, the U.S. Senate took testimony from witnesses on the matter of the mega banks on Wall Street quietly buying up unprecedented amounts of physical commodities and then trading on their inside information of those markets. Witnesses pointed to the Federal Reserve as aiding and abetting these egregious manipulations by its rewriting the rules governing such ownership interests.

One of the key witnesses that testified against these abuses was Omarova, then an Associate Professor at the University of North Carolina School of Law.…

Good move, but if Omarova is for real, this will likely not go down well with the Wall Street Democratic donor base.

The legal structure of predatory capitalism is bad enough in funneling $ to the top without cheating too. These folks seem to want it all.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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