Perhaps we should be more measured with our criticism of the Federal Reserve System. It is an emotional topic for many Americans, and it’s not hard to understand why. The Federal Reserve System is a direct cause of the systematic devaluation of the average citizen’s money and exacerbates the income gap by funneling freshly printed money to the big banks. This allows the rich to get richer by investing the funny money before it loses purchasing power.
The whole thing really ticks me off, but after reading an article about the psychotic behavior of a former Federal Reserve employee, I would be reluctant to criticize the Fed in the presence of an employee of the world’s most powerful banking cartel. Zero Hedge has some stellar coverage about a former San Francisco Fed employee, and current employee at the Federal Housing Finance Agency (FHFA), that threatened to kill his boss and then take his own life.
Richard Hornsby, Chief Operating Officer of the FHFA, was arrested and charged with a felony for threatening to kill Edward J. DeMarco. Mr. DeMarco was Hornsby’s superior at FHFA and retired from the agency as planned on April 30th of this year.
Retirement is supposed to be a happy time as one begins the transition into the more relaxed part of life. Unfortunately, DeMarco’s retirement was chaotic. He had to be escorted to a secure location after Hornsby threatened his life on Aril 28th. The death threat was supposedly the result of poor job performance rating given to Mr. Hornsby by Mr. DeMarco.
Before starting at the FHFA in November 2011 Hornsby, fifty-eight-years-old, worked for twenty six years at the Federal Reserve Bank of San Francisco. Zero Hedge reports on Hornsby’s role at the San Fran Fed:
Hornsby served at the Federal Reserve Bank of San Francisco for 26 years, holding a variety of senior level management and banking supervision positions. Most recently, Hornsby was group VP and division head for the Reserve Bank’s Financial Planning and Control and Corporate Administration Divisions. In this position, he oversaw many of the Bank’s support functions in nine states. Prior to that, he served as group VP in charge of the Bank’s Portland Branch having responsibility for director relations, branch administration and business continuity. Hornsby also directed the Bank’s business development and customer support functions bankwide. He also served as a key member of the senior management team of the Federal Reserve’s National Support Function Office which provides electronic access to the Reserve’s financial services clients nationwide. In addition to his senior management positions, he was a Supervising Examiner in the Division of Banking Supervision and Regulation for 10 years, having regulatory responsibility for bank holding companies, banks and non-bank subsidiaries.