Safe & Sound
How Eugene Ludwig (Clintons roomie at Oxford) turned an obscure Treasury bureau into a bully-pulpit for banking reform.
by Todd Larson
“This is one moment I’ll never forget,” says Gene Ludwig, pointing to a photo on the wall of his Washington, DC, office. “The president looked me in the eye and said ‘Is this the right thing to do?’ And I said ‘Yes, it is.’ He looked across the cabinet table and said ‘Then just go do it.’ And I did.”
The 1993 photo is standard DC-insider fare: Ludwig stands outside the White House cabinet room with then-Secretary of the Treasury Lloyd Bentsen, current Secretary Robert Rubin, and President Clinton, among others. What Ludwig “did” after the picture was snapped is far from standard. Within the space of five years, Ludwig elevated his little-known bureau of the Treasury Department, the Office of the Comptroller of the Currency (OCC), into one of the most visible and powerful offices in the federal government. In the process, he became the most celebrated - and controversial - comptroller since Honest Abe first created the office in 1863.
As comptroller, Ludwig served as the chief federal supervisor and regulator for the country’s 3000 national banks. (Despite his title, the banks no longer issue currency; they do, however, hold close to 60% of US commercial banking assets.) In addition to policy recommendations, the job included supervision of the OCC’s vast staff of examiners, the teams responsible for on-site supervision of national banks’ loan and investment activities, liquidity measures, and overall risk sensitivity. The goal (per the OCC’s stated mission): to ensure the “safety and soundness of the national banking system” by reigning in and disciplining wayward banks whose policies might expose them to the risk of failure. [...]
Ludwig remains proudest, however, of his efforts to compel bank compliance with fair-lending laws and his revitalization of the Community Reinvestment act (CRA), a 1977 law requiring banks to invest in poorer neighborhoods and improve lending and service to low- and moderate-income borrowers. Although branded an “activist” for his vigorous support of the act - he enlisted the attorney general and secretary of Housing and Urban Development to help enforce it - he points to the cold, hard facts to justify his tactics. After just one Justice Department referral in the OCC’s previous 129 years, Ludwig’s tenure witnessed 27 fair-lending cases, resulting in tens of millions of dollars in fines against violators. Lending to low and moderate income Americans increased tenfold, as did national bank investments in community development corporations. “The national banking system as a whole,” he asserts, “did more to help low and moderate income Americans, and particularly Americans of color, than at any time in the history of the republic by far. The record speaks for itself, and I’m proud of it.”
Head down and hands in pockets, Gene Ludwig has paced his DC office for an hour, his story a restless recitation of oft-repeated events and statistics he seems eager, above all, to get through. Then, for the first time, he pauses, interrupting his narrative to reflect on the ethical and political imperatives behind his public record. “I think this is fundamental to the well-being of the country,” he explains. “We simply cannot be a nation of haves and have-nots. We can’t have a nation that’s the wealthiest nation on earth but leaves our citizens behind. It’s not only the right thing to do, it’s the only way to keep a safe and sane world.” contin
It’s a long article but worthwhile read. Gene Ludwig didn’t do it alone. It was a deliberate plan - check out the Clinton administration and their subsequent employment.
I believe China is the big honcho in this whole world order deal. We’re being sold out by their comrades who came after them. Timothy Geithner looks like a moron but he anything but...he was selected to keep an eye on the “one”. Don’t forget Maurice Strong went to China after he stole millions from the Food for Oil ripoff. They need to drain the world totally dry of their resources - it’s the only way they can rule the world and use us as cheap labor.
...In the 1940s, the term “China Hands” came to refer to a group of American diplomats, journalists, and soldiers who were known for their knowledge of China and influence on American policy before, during, and after World War II....
The scanners is just another tactic they’re using to desensitize, dehumanize, get us used to the “herd” mentality with control being the end game.
PS: Geithner is taking orders from China.
Why open borders, no checks at ports, yet we’re being treated like cattle? Marxists believe we’re subhuman! We’re nothing special. We’re all special to God who made us.
Thanks very much for the post, bronxville. Connecting the collectivists.