Yes, the article is accurate, but none of it is a conspiracy, its all outlined in the original 1913 bill establishing Fed.

A good way to think of the Fed is something like the "National Council on Beef"...meaning its an advocacy organization owned by members who are beef producers.

In the case of the Fed, the "Fed" is owned by 12 regional Fed banks, who are in turn owned by the commercial banks in their specific region (pro-rata based upon each banks market capitalization).

This is why "how much profit does the Fed make?" is a complete red-herring. None of the members cares how much money the Fed makes --- much like the beef producers do not care how much money the Nat Council for Beef makes --- the feds goal is to make its members money, not make money itself.

Obviously NY is by and large the biggest of the 12 regional member banks, and within that region JP Morgan Chase is the largest commercial bank.

“The Fed is facing a difficult challenge,” says George Selgin, director of the Center for Monetary and Financial Alternatives at the Cato Institute in Washington, D.C. “It’s trying to become more transparent while its operations become more complex. That’s difficult trick to pull off.”