Interesting. He tells us what they're not doing but doesn't hint at what they ARE doing with the money (other than a quick reference to CEO salaries). Then at the end, you find out he ran one of these institutions for years. I wonder about his motivation to write this.
He does reference a report by the GAO, but doesn't mention that it was written almost 20 years ago, in 2005. It also fails to mention that Congress gutted and re-wrote that system in the late 1980's, allowing commercial banks access to the system. https://en.wikipedia.org/wiki/Financ...nt_Act_of_1989
I'm quite sure there are a number of examples of complex financial dealings that the general public doesn't understand (myself included) and I'm also confident that complexity is by design. The derivatives fiasco in the early 2000's comes to mind.
Thanks for the link Ray. Interesting reading.