Paramus NJ, Paramus Police were searching Friday for a suspect they say robbed the Citibank at 700 Route 17, northbound, near the Fashion Center shopping mall. According to police the suspect entered the bank at about 1:48 p.m. Friday and passed the teller a note demanding money. The teller gave him an unknown amount of cash from a drawer. The suspect then fled on foot toward the Fashion Center mall, which sits across a parking lot from the bank.
Ridgewood NJ, Rep. Scott Garrett, (NJ-05) Chairman of the subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening remarks at Financial Services Committee hearing entitled, “The Annual Report of the Financial Stability Oversight Council” featuring Treasury Secretary Jack Lew:
Congressman Scott Garrett’s opening remarks as prepared for delivery:
Mr. Secretary, it’s great to see you again. I understand you were a tough man to nail down to testify today – I guess I would be too if my job was defending FSOC
So we’re starting to get to that point in this Administration’s tenure where people inevitably start to talk about the “legacy” it will leave behind
Unfortunately, when it comes to FSOC, the Obama Administration’s legacy will be remembered as one of secrecy, obfuscation, and a continued refusal to answer questions or provide transparency to either Congress or the American public
Thankfully, it’s not just us in the legislative branch that have taken notice
The recent court decision invalidating the designation of MetLife is a reminder to all of us we live in a system governed by the rule of law and not the rule of bureaucrats.
I hope the Treasury Secretary understands this as well, and I look forward to his answers before our Committee today.
Rep. Scott Garrett had a lively interaction with Treasury Secretary Jack Lew at yesterday’s Financial Services Committee oversight hearing. Garrett addressed Lew’s scandal ridden record at Citibank directly causing the layoff of over 50,000 employees requiring a taxpayer bailout.
When the dust settled, we learned that as usual there are a different set of rules and standards for high-ranking government officials–like Secretary Lew–when it comes to lavish Wall Street pay packages.
The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.
Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.
“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday.
“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ‘significant and synchronized’ global recession and a proper modern-day equity bear market.”
