A long frustrating problem that co-tenants have faced is what to do if their co-tenant/roommate refuses to pay their portion of the rent for an apartment. This vision was perhaps more akin to today’s omnichannel commerce environment, in which like physical and online retailers, bitcoin and fiat-based financial systems coexist as competing or even complementary offerings. I should point out at the outset that I spent most of my career in the Domestic Finance section of Treasury, and the Treasury, no matter the political complexion of the Administration, took a dim view of Fannie and Freddie. From the Treasury perspective, Fannie and Freddie did just enough for low income housing in order to form a formidable political coalition including the housing finance industry, real estate brokers, and advocates for low income housing.
Apparently, at least twenty-five lawsuits have been filed, and the U.S. Justice Department and the New York Department of Financial Services are investigating The back story to these lawsuits and investigations is not public, and the Treasury does not seem to be commenting. Meanwhile, while the EPA and the CARB continue to investigate, the Justice Department is also investigating. Since this story broke, Varoufakis and his two questioners Norman Lamont and Marsh agreed that the recording of the call be made available online.
He gave a speech about the report at a Brookings event on August 3 – Are there structural issues in the U.S. bond market?” Antonio Weiss, you may recall, is the former Lazard investment banker whose confirmation as Treasury Under Secretary for Domestic Finance was blocked by Senator Elizabeth Warren. Why Varoufakis decided to make the secret preparations for an alternate payment system, including the hacking of the website for tax payments which he says was controlled by the troika, is not entirely clear. He had to have known, Chatham House Rule notwithstanding, that the information was too explosive to stay secret, given the number of listeners.
What Varoufakis had in mind, using the Greek tax website as an alternative payment site, would not have been as provocative as another scheme to take over the Bank of Greece and use the euro notes in its vaults. Currently an independent consultant, I retired from a senior career position at the Treasury Department after a 30 year stint with the federal government.
Following the path of his colleague Benjamin Lawsky , former New York Department of Financial Services general counsel Daniel Alter has moved into the private sector, joining itBit as the Bitcoin exchange’s general counsel. Alter played a key role negotiating a $2.24 billion penalty for the state against BNP Paribas for sanctions-related violations. If true, such behavior would be unethical, and it would also raise red flags signalling that legislators are not properly preforming their jobs. Lawsky’s department regulates banks with charters in New York as well as foreign banks with branches in the state.