MadBitcoins Live: Too Much News

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Sept 26, 2014 -- MadBitcoins -- The only Breakfast cereal with a console cowboy cartoon character. Get along you little blueberry critters, git along.

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Here are Today’s MadBits:

Bitcoin Prices are down slightly again with Bitcoinity.org reporting a last of $404, a high of $418 and a low of $396. Litecoin is at $4.36 cents.

The Secret Goldman Sachs Tapes
http://www.bloombergview.com/articles...

First, a bit of background -- which you might get equally well from today's broadcast as well as from this article by ProPublica. After the 2008 financial crisis, the New York Fed, now the chief U.S. bank regulator, commissioned a study of itself. This study, which the Fed also intended to keep to itself, set out to understand why the Fed hadn't spotted the insane and destructive behavior inside the big banks, and stopped it before it got out of control. The "discussion draft" of the Fed's internal study, led by a Columbia Business School professor and former banker named David Beim, was sent to the Fed on Aug. 18, 2009.

It's an extraordinary document. There is not space here to do it justice, but the gist is this: The Fed failed to regulate the banks because it did not encourage its employees to ask questions, to speak their minds or to point out problems.

Just the opposite: The Fed encourages its employees to keep their heads down, to obey their managers and to appease the banks. That is, bank regulators failed to do their jobs properly not because they lacked the tools but because they were discouraged from using them.

The report quotes Fed employees saying things like, "until I know what my boss thinks I don't want to tell you," and "no one feels individually accountable for financial crisis mistakes because management is through consensus." Beim was himself surprised that what he thought was going to be an investigation of financial failure was actually a story of cultural failure.


CFTC to Discuss Bitcoin Among Other Things At Meeting Next Month
http://newsbtc.com/2014/09/25/cftc-di...

New Film Uncovers Staunch Support of BTC in Argentina – and Not Just from Startups
http://cointelegraph.com/news/112605/...

The Strange Case of Bitcointalk’s Chinese Ban
http://cointelegraph.com/news/112603/...

Ben Lawsky Keynoting at Money 20/20 Conference
http://newsbtc.com/2014/09/25/ben-law...

US PayPal Merchants Can Accept Bitcoin Starting Today
http://cointelegraph.com/news/112593/...

Huobi Blunder: Exchange Sends Over 900 BTC to Wrong Users
http://newsbtc.com/2014/09/25/huobi-b...

Coinify Seals Multi-Million external Funding Backed by Danish Gov’t
http://cointelegraph.com/news/112607/...

Crypto Bits with Kristov Atlas
http://www.notbeinggoverned.com/crypt...

This Phone App Knows If You’re Depressed
http://www.technologyreview.com/news/...

This American Life -- 536: The Secret Recordings of Carmen Segarra
http://www.thisamericanlife.org/radio...