Are You Ready For The New Hundred Dollar Bill?

September 17, 2013 at 7:30 am Leave a comment

new-100Ben Franklin’s long-delayed makeover kicks in on October 8th when the Federal Reserve starts printing the new, high-tech $100 bill.  The $100 bill comes replete  with a 3-D ribbon and a bell in the inkwell.

Now, I haven’t developed a sudden fetish for currency design, but the latest issue of FedFlash contains some useful tips for getting ready for the new currency and their advice is worth considering.

1.  Familiarize yourself with the new features.  The Fed has provided an interactive link to the note.

2.  Educate both staff and members.  The Fed is providing an informational poster and brochure to tell people about the updated bill.

The Fed announced plans to change the $100 bill in 2010, but its introduction was postponed because of “unexpected production delays.”

Dimon in the Rough

According to the Wall Street Journal, JP Morgan is going to admit wrongdoing and pay a $700 million fine to settle charges filed by regulators stemming from the London Whale debacle.  If the settlement comes to fruition, the fact that JP Morgan will actually admit wrongdoing is a bigger deal than the monetary crimes.  Under former U.S. Attorney Mary Jo White the SEC has adopted the novel strategy of actually getting corporations that do something wrong to admit wrongdoing as part of legal settlements.

The settlement also further tarnishes the image of Jaime Dimon, who until recently could boast of being the CEO who most successfully navigated the mortgage meltdown only to become a poster boy for the arrogance of the Wall Street banks when derivatives trades resulted in a $6 billion loss.

On the bright side, this type of mishap seems to be exactly the type of thing you need to put on your resume to be in the running for a future position at the Federal Reserve or maybe even the Treasury Department.

Have a nice day!

Entry filed under: Economy, General, Legal Watch, Regulatory. Tags: , , , .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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