Federal Reserve Board: H.2 Release for Week Ending August 15, 2015

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 15, 2015, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Reserve Bank Operations Federal Reserve Bank of Dallas — appointment of Robert S. Kaplan as president.

-Approved, August 13, 2015

Enforcement Cecil Bank, Elkton, Maryland — issuance of a prompt corrective action directive with the consent of the bank.

-Announced, August 11, 2015

Philippine National Bank, Pasay City, Philippines, and its New York, New York, branch — written agreement dated May 8, 2009, terminated August 5, 2015.

-Announced, August 11, 2015


Futility of “Colorblindness”: Meme of White Hegemony and Black Inferiority Still Exists–Unacceptable

Zora Neale Hurston
Zora Neale Hurston

In have written about the meme prevalent in the United States of America–white hegemony and black inferiority–in this blog, mostly under the title “futility of “colorblindness.”

It seems to be a continuing topic because of the formation of the #BlackLivesMatter group. Effectively, the group seeks to remove the white hegemony and black disadvantaged paradigm from policy making in the United States. This goal is a tall order but it is necessary to start moving towards it.

The United States of America: A Culture of Discrimination

Antiblack sentiment


A culture developed to subjugate nonwhite people (and the poor of all races). Matthew Cooke’s YouTube presentation, Race Baiting 101
“Colorblind” racism. https://alexwdc.wordpress.com/?s=colorblindness

Nathan Newman and J.J. Gass, A New Birth of Freedom: the Forgotten History of the 13th, 14th, and 15th Amendments



Bonilla-Silva, Eduardo (2006). “Racism without Racists:   Color-Blind Racism and the Persistence of Racial Inequality in the United States.”

President Barack Obama’s punishing slams on Black people. https://alexwdc.wordpress.com/?s=obama+colorblind

https://alexwdc.wordpress.com/2010/06/12/president-barack-obama-governance-is-slightly-different-from-the-previous-administration-other-than-style-administration-may-be-a-carbon-copy/ (see note on Ms. Shirley Sherrod)

Pervasive antiblack sentiment in the workplace Federal Reserve Board (FRB), federal financial regulatory agencies—



Artis v. Bernanke (FRB employment discrimination case)


Dick Grote, “pay for performance,” “rank and yank”—systematic removal of nonwhite persons from workforce



Overall encouragement of dangerous self-hate and punishment in order to satiate the majority culture while ignoring the systems of white hegemony Courtland Milloy: http://www.washingtonpost.com/local/institutional-racism-isnt-killing-blacks-by-itself-it-is-the-enemy-within/2015/08/25/4b9f1d98-4b50-11e5-bfb9-9736d04fc8e4_story.html

Barbara Reynolds: https://www.washingtonpost.com/posteverything/wp/2015/08/24/i-was-a-civil-rights-activist-in-the-1960s-but-its-hard-for-me-to-get-behind-black-lives-matter/

President Barack Obama (see link above)

Hilary Clinton and several members of #BlackLivesMatter:


It will not be easy. For example, the Honorable Muriel Bowser, Mayor of the city of Washington, D.C., witnessing an increase of violent crime occurring in the city, announced a proposal of more police and increased fines, in addition to other social service legislative policy ideas, to address the issue. Disagreement during the speech was heard.

There is good reason for concern, the events of the recent past (relative to the date of this post) should inform everyone that reliance on the police alone is insufficient–and dangerous. Regardless of the intentions of the Mayor, how that policy is enforced is the greater concern. The Mayor should consider these effects in her planning as well as committing herself to supervising enforcement activity for fairness.

Federal Reserve Board: H.2 Release for Week Ending August 8, 2015

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 8, 2015, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend without revision the recordkeeping and disclosure requirements associated with the regulations implementing the Fair Credit Reporting Act (Regulation V).

-Proposed, August 3, 2015

Monetary and Financial Policy Term Deposit Facility — floating-rate offerings of 14-day and 7-day term deposits on August 6 and August 13, respectively, each with an early withdrawal feature, same-day settlement, and a maximum tender amount of $5 billion.

-Announced, August 3, 2015

Regulations and Policies Regulation II (Debit Card Interchange Fees and Routing)publication of a clarification to provide further explanation of the inclusion of transaction-monitoring costs in the interchange fee standard.

-Approved, August 4, 2015

Enforcement Four Oaks Bank & Trust Company, Four Oaks, North Carolina — written agreement dated July 30, 2015, with the Federal Reserve Bank of Richmond.

-Announced, August 4, 2015

Four Oaks Fincorp, Inc., Four Oaks, North Carolina, and Four Oaks Bank & Trust Company — written agreement dated May 24, 2011, terminated July 30, 2015.

-Announced, August 4, 2015

OSB Community Bank, Brooklyn, Michigan — written agreement with the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services.

-Announced, August 6, 2015

Dick Grote: “Rank and Yank” at Amazon; Firm Unlikely to Break Cycle of Forced Ranking’s Failure

Artist: michael sloan
By Michael Sloan

The staying power of Dick Grote’s forced ranking is confusing considering its record of failure:

  • Enron
  • Federal Reserve Board
  • General Electric
  • Microsoft
  • Yahoo.
Bucket (rank) Percentage (amounts can be adjusted) Effect
A 20 Lavish rewards, encouragement
B 70 Little to paltry increase
C 10 Pressure to quit, firing

According to an article in the August 16, 2015, New York Times, “Amazon’s Bruising, Thrilling Workplace,” Amazon.com (a sales and marketing organization) can be added to the list. A list of 14 leadership principles, which were developed by the chief executive officer (CEO), Jeff Bezos, fuels a demand of perfection of delivering for the customer with high standards of performance (long hours, being subject to withering criticism and backstabbing–in short the worst behavior humanity can deliver short of physical violence).

Furthermore, the expectation of constant availability without compensation is thoroughly abusive. Amazon does not perform its service for customers for free; thus, Amazon should not expect overtime without compensation. The “salaried” designation is being abused, as low salaries are diluted every minute beyond a 40 hour work week.

I have written posts discussing Grote’s “rank and yank” system. I have a table with discussion of the Amazon system.

Dick Grote’s Forced Ranking Amazon.com (text in quotation marks are from the New York Times article)
Anytime Feedback Tool-allows co-workers to send feedback to one’s manager without the targeted employee’s knowledge. Jeff Bezos, chief executive officer of Amazon, is an investor in Workday, which seeks to bring this “gem” to other organizations which purchase it.
Manager sets tough objectives and expects the employee to figure out how to satisfy the manager’s expectations “Molly Jay, an early member of the Kindle team, said she received high ratings for years. But when she began traveling to care for her father, who was suffering from cancer, and cut back working on nights and weekends, her status changed. She was blocked from transferring to a less pressure-filled job, she said, and her boss told her she was “a problem.” As her father was dying, she took unpaid leave to care for him and never returned to Amazon.

“When you’re not able to give your absolute all, 80 hours a week, they see it as a major weakness,” she said.”

Callibration meeting “Each year, the internal competition culminates at an extended semi-open tournament called an Organization Level Review, where managers debate subordinates’ rankings, assigning and reassigning names to boxes in a matrix projected on the wall. In recent years, other large companies, including Microsoft, General Electric and Accenture Consulting, have dropped the practice — often called stack ranking, or “rank and yank” — in part because it can force managers to get rid of valuable talent just to meet quotas.”

“Preparing is like getting ready for a court case, many supervisors say: To avoid losing good members of their teams — which could spell doom — they must come armed with paper trails to defend the wrongfully accused and incriminate members of competing groups. Or they adopt a strategy of choosing sacrificial lambs to protect more essential players. “You learn how to diplomatically throw people under the bus,” said a marketer who spent six years in the retail division. “It’s a horrible feeling.” “

Unique to Discipline Without Punishment is the final step before an employee’s termination – the Decision Making Leave. The employee is suspended for a day with full pay. On this day he must make a final decision: either solve the problem and commit to fully acceptable performance, or quit and find more satisfying employment somewhere else. Performance Improvement Plan--confidential and among other expectations of the PIP is that the responsibility for bringing performance to the acceptable level rests with the targeted employee.

[Author’s Note: There was a statement from a Master of Business Administration degree holder who said that conflict brings about innovation. It depends how you view innovation. Amazon is a sales and marketing firm, and the innovations discussed in the article relate to sales and marketing not new ideas that can move humanity forward. Each has their place, but it serves as a caution before making broad statements without context.]

Federal Reserve Board: H.2 Release for Week Ending August 1, 2015

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 1, 2015, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies FMS Wertmanagement, Munich, Germany — requests for (1) temporary exemptions from certain statutory and regulatory requirements and (2) an extension of the compliance date for the applicable enhanced prudential standards.

-Granted, July 16, 2015


Regulations and Policies Presidential $1 Coin Program — annual report to Congress on the Presidential $1 Coin Program.

-Approved, July 30, 2015