Yes, another Fed slot is soon to be filled, with another Goldman Sachs alum.

I never bought into the conspiracy that Goldman is taking over the financial world, but the lack of diversity of thought and the risk of groupthink is increasingly becoming a concern . . .

William Dudley, who runs the markets desk at the Federal Reserve Bank of New York, is the likely front-runner to become next president of the bank after another leading candidate for the job, Fed governor Kevin Warsh, withdrew from the race.

New York Fed board members interviewed several candidates for the job last Saturday and have met again this week. Once they make a final choice, the Federal Reserve Board in Washington needs to sign off on the decision, which it is expected to do quickly. The process has been slowed by the uncertain status of outgoing New York Fed president, Timothy Geithner.

Mr. Dudley has helped to design and implement many of the new facilities that the Fed has launched in recent months, giving him an intimate inside knowledge of the changes the institution has gone through and the problems plaguing markets. He is a career economist, who spent a long stint as the chief U.S. economist for Goldman Sachs and who earned a PhD in economics at the University of California at Berkeley.

Source:
New York Fed Nears Pick
JOANN S. LUBLIN and JON HILSENRATH
WSJ, JANUARY 17, 2009

http://online.wsj.com/article/SB123214927903091873.html

Category: Corporate Management, Federal Reserve

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

13 Responses to “Treasury/Fed: All Goldman Sachs, All the Time”

  1. with perfect Irish brogue:

    Brazen!

  2. danm says:

    The GS prognostication was not one of conspiracy but of human psychology. The proof, is that a proverb exists for how people move around:

    Birds of a feather…

  3. VennData says:

    Bush came into office the DJA was 10,587. The last full day of trading under his regime was 8,281 for a loss – not including paltry dividends – of 21.8%. But past performance is no guide to future returns so…

    I say we give the GS guys one more chance.

  4. danm says:

    I say we give the GS guys one more chance
    ————————-
    When the economy comes back it won’t be because of GS, it’ll be because of each individual’s hard work and sacrifice.

    I’m not giving one iota of recognition for any of the jerks up there who got us in this mess.

  5. Concerned American says:

    One of the many reasons I am a concerned American. We all seem happy to sit here and watch it happen though. It is obvious writing our representatives does no good as they just do what they wanted, regardless of what their constituents say.

    Marches, riots, protests, do something or just sit and watch and bitch on the internet. I hate to admit which of those I will most likely pick. The lobbyist are out there “making it happen”, but real Americans aren’t. It just wouldn’t be right would it?

    Maybe lobbying is the next big bubble.

  6. Scott says:

    Come on danm, wake up… everyone knows economists are much smarter and more intelligent than common folk via their hard work in academe not to mention the opportunity cost of spendin’ their time readin’, researchin’, and other hard stuff instead of earning a living…

    The best part about this game is at the end of the day, after the sales pitch, news, clutter, noise, and miscellaneous expert analysis – the only thing that matters, that seperates winners and losers – is do you have more money today/this quarter/this year than you had yesterday/last quarter/last year.

    A community college dropout with a desire to learn has an equal opportunity as the PHD in (fill in blank) to succeed and excel as an investor/trader… that’s why I simply love this game…

  7. Bruce in Tn says:

    I think the guys still at GS, when seeing how much fun Paulson is having, are suffering from “bazooka-envy”…..

  8. wally says:

    Why isn’t Timothy Geithner in jail for tax evasion? Why hasn’t he paid heavy fines?

    Other people would have been treated differently. I don’t like living in a country with royalty, but the US has become one.

  9. Steve Barry says:

    Aslo in today’s Barrons…The Annual Roundtable. Abby Joseph Cohen from Goldman, with her new look I can only describe as “the Bride of Goldman,” off to a great start with her top equity pick for 2009…B of A at 14.33. Obviously this was held awhile back. Anyway she is down 50% in 2 weeks. Keep up the good work!

  10. Mannwich says:

    More of “the best and brightest”. We’re on a road to nowhere.

  11. da_rubberbandman says:

    Welcome to the “United Goldman Stacks” I guess Goldman a buy. How can they lose money while calling the shoots

  12. AGG says:

    Concerned American,
    I hear you. But actually there is something we can do and we have started doing it. Live like a pauper. Re-use paper towels, go green and don’t flush urine. Save the shampoo bottle when it’s empty and fill it half way with a new bottle. Then top them off with water. Plan all your outings. Stop eating at restaurants. Stop smoking and drinking. Eat smaller meals. Don’t go to bars. Don’t spend a nickel you don’t absolutely have to.
    This will bring the bastards to their knees. Corporations large and small will fall. The whole current generation of high class assholedom CEOs will be trashed and replaced with a new, modest salaried type. Then we can go back to spending, but prudently. I’ve been doing this for years and now lots more people are doing it. Get mad AND get even.

  13. dunnage says:

    Can the conspiracy tag, please. No reason to create a label to deny.

    Ya, quite obvious about Goldman — if not them it would be Merrill or Morgan or etc. Choose your permutation. It is just the way it is, was, and will be. Nobody needs to pretend at this time and I’m glad they don’t.

    Imagine Volker being a breath of fresh air.