jpmorgan to exit physical commodity business, page-6

DANHOFF

The U.S. Fed is indeed a strange beast and hard to fathom.
I did some reading on the U.S. Fed and the Board of Governors that supposedly overseas the activities of the FED.
As you would expect Ben is the Chief of the Board of Governors and his deputy who are appointed by the President. What I didn't realise is they also have seats on the Board that runs the FED. The Fed is owned by the State FEDS which all have shares in the U.S.Fed but they cannot be sold or traded. Now all these FEDS are actually owned by some of those famously rich Families as well as other banks like JPM, Goldman Sachs etc. The history goes way back to the original creation of the fed and the current FEDS are still owned by the a lot of the original families and Banks. Oh its a hell of a tale indeed.