organization:federal reserve bank of new york

  • Daily chart: Revenge of the nerds | The Economist

    http://www.economist.com/blogs/graphicdetail/2015/03/daily-chart-2?fsrc=scn/tw/te/dc/revengeofthenerds

    THE economies of the rich world increasingly depend upon skilled workers, and college degrees are in high demand. In 1972 a university-educated man aged 25-34 could expect to earn 22% more than a peer without a degree, according to the Urban Institute, a think-tank. Today that premium has risen to 70%. But if university pays, its benefits are not spread evenly across all graduates. A new report from PayScale, a research firm, calculates the returns to higher education in American universities. Its authors compare the career earnings of college graduates with the present-day cost of a degree at their alma maters, after taking account of financial aid.

    • Les jeunes diplômés sont dans la mouïse ? Ouh la, ça va pas être bon pour l’immobilier !
      #prêt_étudiant #chômage_des_jeunes_diplômés #déqualification massive…
      (j’adore l’angle !)

      In the past, college was a ticket to a brighter future. Now, it’s a ticket to immense debt and an uncertain financial future for far too many students. Student loan debt in the U.S. has now topped $1 trillion. According to the Federal Reserve Bank of New York, 44 percent of recent college graduates are underemployed — working in jobs that don’t require their degree — as of 2012.

      In a recent report to Congress, Fed Chairwoman Janet Yellen talked about the struggles of the Millennial generation saying “They’re certainly waiting longer to buy houses, to get married. They have a lot of student debt. They seem quite worried about housing as an investment. They’ve had a tough time in the job market.

      Those delays could have a serious impact on the U.S. economy as a whole and specifically the housing market. Derek Thompson of The Atlantic recently wrote “More years of school + more student debt + lower starting salaries + a nervous housing market + stricter rules for new home-buyers = no new home-buyers.

  • Les nouveaux cambioleurs envahissent les coffres digitaux de la Federal Reserve Bank of New York

    The Incredible Story Of How Hackers Stole $100 Million From The New York Fed | Zero Hedge
    http://www.zerohedge.com/news/2016-03-10/incredible-story-how-hackers-stole-100-million-new-york-fed

    The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

    As we reported previously, on February 5, Bill Dudley’s New York Fed was allegedly “penetrated” when “hackers” (of supposed Chinese origin) stole $100 million from accounts belonging to the Bangladesh central bank. The money was then channeled to the Philippines where it was sold on the black market and funneled to “local casinos” (to quote AFP). After the casino laundering, it was sent back to the same black market FX broker who promptly moved it to “overseas accounts within days.”

    That was the fund flow in a nutshell.

    As we explained, the whole situation was quite embarrassing for the NY Fed, because what happened is that someone in the Philippines requested $100 million through SWIFT from Bangladesh’s FX reserves, and the Fed complied, without any alarm bells going off at the NY Fed’s middle or back office.

    “Some 250 central banks, governments, and other institutions have foreign accounts at the New York Fed, which is near the centre of the global financial system,” Reuters notes. “The accounts hold mostly U.S. Treasuries and agency debt, and requests for funds arrive and are authenticated by a so-called SWIFT network that connects banks.”

    Well, as it turns out, Bangladesh doesn’t agree that the Fed isn’t ultimately culpable. “We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there,” Finance Minister Abul Maal Abdul Muhith said on Wednesday. “It can’t be that they don’t have any responsibility," he said, incredulous.

    Actually, Muhith, the New York Fed under former Goldmanite Bill Dudley taking zero responsibility for enabling domestic and global crime is precisely what it excels at.

    Federal Reserve Bank of New York
    https://en.wikipedia.org/wiki/New_York_Federal_Reserve

    The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. 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. Working within the Federal Reserve System, the New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions[1] and helps maintain the nation’s payment systems.[2]

    Among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals.[3][4] Its current president is William C. Dudley. It is by far the largest (by assets), most active (by volume) and most influential of the 12 regional Federal Reserve Banks.

    #banques #cambrioleurs

  • Egypt May Not Need Fighter Jets, But The U.S. Keeps Sending Them Anyway : Planet Money : NPR
    http://www.npr.org/blogs/money/2013/08/08/209878158/egypt-may-not-need-fighter-jets-but-u-s-keeps-sending-them-anyway

    Every year, the U.S. Congress appropriates more than $1 billion in military aid to Egypt. But that money never gets to Egypt. It goes to the Federal Reserve Bank of New York, then to a trust fund at the Treasury and, finally, out to U.S. military contractors that make the tanks and fighter jets that ultimately get sent to Egypt.

    The U.S. started sending M1A1 Abrams tanks to Egypt in the late ’80s. In all, the U.S. sent more than 1,000 tanks to Egypt since then — valued at some $3.9 billion — which Egypt maintains along with several thousand Soviet-era tanks.

    “There’s no conceivable scenario in which they’d need all those tanks short of an alien invasion,” Shana Marshall of the Institute of Middle East Studies at George Washington University, told me.

    A thousand tanks would be helpful for large land battles, but not for the threats facing Egypt today, such as terrorism and border security in the Sinai Peninsula, according to Robert Springborg, an expert on the Egyptian military at the Naval Postgraduate School in Monterey, Calif. In fact, he said, at least 200 of the tanks the U.S. has sent to Egypt have never been used.

    “They are crated up and then they sit in deep storage, and that’s where they remain,” he told me.

    The story with F-16 fighter jets is similar. Since 1980, we’ve sent Egypt 221 fighter jets, valued at $8 billion. “Our American military advisers in Cairo have for many years been advising against further acquisitions of F-16s,” Springborg said. Egypt already has more F-16s than it needs, he said.

    (...)

    The U.S. wants Egypt to have them in part because of people like Bruce Baron, president of Baron Industries, a small business in Oxford, Mich. “The aid that we give to Egypt is coming back to the U.S. and keeping 30 of my people working,” Baron told me. Specifically, he said, 30 of his 57 employees are working on parts for the M1A1 Abrams tanks that we give to Egypt.

    Every March for the past few years, Baron says, he and other small-business owners have gone to Capitol Hill at the invitation of General Dynamics, a big contractor. They visit their congressmen and “let them know of our support for these programs and also the impact that these programs have on employment,” he says.

    (...)

    (...) the State Department doesn’t want to upset the status quo, the Defense Department doesn’t want to upset a valuable ally in the region, and, of course, defense contractors want to keep their contracts.