The Supreme Conservatives would obviously see no issue with the fact that the President of the NY Fed, William Dudley, is the former Chief Economist at Goldman Sachs. They wouldn’t care that bankers elect six of the nine directors of the NY Fed, and the other three are appointed by the Fed itself. In other words, the banks elect their own regulators. The Supreme Court wouldn’t have a problem with that either. As Dudley says, he’s a fire warden, not a cop on the beat. The Wall Street Journal quotes him explaining this bizarre idea: “I don’t think our primary purpose as supervisors is a cop on the beat,” he said. The New York Fed’s job is mainly about “ensuring the safety and soundness of the institutions that we supervise,” he said.
Posted on: Sun, 23 Nov 2014 19:49:52 +0000
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