Dudley Named President New York Fed
As expected, William Dudley was named NY Fed Prez, and others were also named to key posts:
William C. Dudley was named today to serve as President and Chief Executive Officer of the Federal Reserve Bank of New York. His appointment by the Board of Directors of the New York Fed, succeeding Timothy F. Geithner who was sworn in as Secretary of the Treasury yesterday, was approved by the Federal Reserve Board of Governors.
Stephen Friedman, chairman of the New York Fed’s Board of Directors and of the search committee that selected Mr. Dudley, said, “We were fortunate to have an exceptional slate of candidates for the post. The board is very pleased with the selection of Bill Dudley. His deep economics background, extensive working knowledge of the markets and hands-on policy making role make him an outstanding choice to succeed Tim Geithner.”
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Other Federal Reserve Board appointments at the twelve Federal Reserve Banks for 2009:
Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as chair and a second as deputy chair.
Following are the names of the chairs and deputy chairs appointed by the Board for 2009:
Boston
Lisa M. Lynch, Dean and Professor of Economics, The Heller School for Social Policy and Management, Brandeis University, Waltham, Massachusetts, renamed Chair.
Henri A. Termeer, Chairman, President and Chief Executive Officer, Genzyme Corporation, Cambridge, Massachusetts, renamed Deputy Chair.
New York
Stephen Friedman, Chairman, Stone Point Capital, LLC, New York, New York, renamed Chair.
Denis M. Hughes, President, New York State AFL-CIO, New York, New York, renamed Deputy Chair.
Philadelphia
William F. Hecht, Retired Chairman, President and Chief Executive Officer, PPL Corporation, Allentown, Pennsylvania, renamed Chair.
Charles P. Pizzi, President and Chief Executive Officer, Tasty Baking Company, Philadelphia, Pennsylvania, renamed Deputy Chair.
Cleveland
Tanny B. Crane, President and Chief Executive Officer, Crane Group Company, Columbus, Ohio, renamed Chair.
Alfred M. Rankin, Jr., Chairman, President and Chief Executive Officer, NACCO Industries, Inc., Cleveland, Ohio, renamed Deputy Chair.
Richmond
Lemuel E. Lewis, President, LocalWeather.com, Suffolk, Virginia, named Chair.
Margaret E. McDermid, Senior Vice President and Chief Information Officer, Dominion Resources, Inc., Richmond, Virginia, named Deputy Chair.
Atlanta
D. Scott Davis, Chairman and Chief Executive Officer, United Parcel Service, Atlanta, Georgia, named Chair.
Carol B. Tomé, Chief Financial Officer and Executive Vice President, The Home Depot, Atlanta, Georgia, named Deputy Chair.
Chicago
John A. Canning, Jr., Chairman, Madison Dearborn Partners, LLC, Chicago, Illinois, renamed Chair.
William C. Foote, Chairman and Chief Executive Officer, USG Corporation, Chicago, Illinois, renamed Deputy Chair.
St. Louis
Steven H. Lipstein, President and Chief Executive Officer, BJC HealthCare, St. Louis, Missouri, named Chair.
Ward M. Klein, Chief Executive Officer, Energizer Holdings, Inc., Town & Country, Missouri, named Deputy Chair.
Minneapolis
James J. Hynes, Executive Administrator, Twin City Pipe Trades Service Association, St. Paul, Minnesota, renamed Chair.
John W. Marvin, Chairman and Chief Executive Officer, Marvin Windows and Doors, Warroad, Minnesota, renamed Deputy Chair.
Kansas City
Lu M. Cordova, Chief Executive Officer, Corlund Industries, LLC and President & General Manager, Almacen Storage Group, Boulder, Colorado, renamed Chair.
Paul DeBruce, Chief Executive Officer and Chairman/Founder, DeBruce Grain, Inc., Kansas City, Missouri, renamed Deputy Chair.
Dallas
James T. Hackett, Chairman, President and Chief Executive Officer, Anadarko Petroleum Corporation, Houston, Texas, renamed Chair.
Herb Kelleher, Founder and Chairman Emeritus, Southwest Airlines, Dallas, Texas, renamed Deputy Chair.
San Francisco
T. Gary Rogers, Chairman of the Board, Levi Strauss & Co., San Francisco, California, named Chair.
Douglas W. Shorenstein, Chairman and Chief Executive Officer, Shorenstein Properties LLC, San Francisco, California, named Deputy Chair.
Sources:
New York Fed Names William C. Dudley President
January 27, 2009
http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html
Board announces appointment of the chairs and deputy chairs of the twelve Federal Reserve Banks for 2009
January 27, 2009
http://www.federalreserve.gov/newsevents/press/other/20090127a.htm
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January 27th, 2009 at 11:35 am
Another Goldman guy, good grief
January 27th, 2009 at 11:46 am
I’m must say…Larry Kudlow gets on my nerves in many ways, but the last several weeks he’s actually been pretty snarky about all the crap going down and I can actually admit he’s made me chuckle a few times in a good way….
Gasparino comes on blustering about Cuomo subpoenaeing Thain….
Kudlow says something like..”Oh, don’t worry about it….we suspend the Constitution sometimes…it’s OK.”
January 27th, 2009 at 12:12 pm
Let’s hope he is Dudley Do-right.
January 27th, 2009 at 12:27 pm
Will the new Fed and Treasury let me pay my taxes with salt from the salt mine?
http://www.ft.com/cms/s/3e5c633c-ebdc-11dd-8838-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F3e5c633c-ebdc-11dd-8838-0000779fd2ac.html&_i_referer=http%3A%2F%2Fwww.ft.com%2Fworld%2Fglobal-economy
Nations turn to barter deals to secure food
I am willing to “talk turkey”….about a fiat currency…
January 27th, 2009 at 12:28 pm
Andy Tabbo………… Kudlow is just pissed because some of his free market principles are looking like a house of cards lately.
January 27th, 2009 at 12:39 pm
Goldman again – yep, he’s qualified.
January 27th, 2009 at 12:39 pm
For all who are opposed to nationalization of the banks, or who are opposed to letting a few of the big banks go under, bank bailouts could end up costing 4 trillion dollars:
http://money.cnn.com/2009/01/27/news/bigger.bailout.fortune/index.htm?postversion=2009012711
January 27th, 2009 at 12:55 pm
I have some quick notional comments, vague, you know, unformed etc
DL linked something yesterday about money velocity (thx) which coontained the following para:
“The value of money is determined by supply and demand. As money is only demanded because of its purchasing power, it follows that if its purchasing power is expected to disappear then prices will rocket as the demand for money collapses. Goods will be withdrawn from sale, the remaining goods will demand prices that even the astronomical increase in the money supply cannot accommodate. This is a process that no formula can capture.”
Viewed in light of the FT piece (also note that Daewoo bought a 99 yr lease of 50% of the all the arable land in Madagascar) are we seeing strong indications that ‘the demand for money is collapsing’? If that is true, what THING be it material or abstract will act as a substitute for the USD in international settlements? Does the complexity of the operations necessary for international require an abstract medium of exchange? Has the logic supporting the USD become exhausted?
January 27th, 2009 at 1:16 pm
“His deep economics background, extensive working knowledge of the markets and hands-on policy making role make him an outstanding choice to succeed Tim Geithner.”
Reply:
“deep economics background”…”extensive knowledge of the markets”…”hands-on policy making role”…should be enough to disqualify him, especially the part about hands-on policy making. It’d be nice if somebody at the Fed finally realized it is not their function to make policy. Period.
Andrew Jackson was right.
January 27th, 2009 at 1:43 pm
Only the “best & brightest” at Goldman. Thank God. We are saved. Praise the Lord.
January 27th, 2009 at 4:42 pm
Honestly, nobody else could do this job. Thank god his location was known and contact made.
January 27th, 2009 at 10:00 pm
Change you can believe in. Yes you can :beathead:
January 28th, 2009 at 8:27 am
Notice how he was confirmed just in time to vote?
January 28th, 2009 at 10:06 am
Give the guy a break. He’s a technocrat banker whose clearly eminently qualified. And he’s some mother’s son so she’s proud of him. The bumper sticker nihilism around here gets a bit tedious.
January 28th, 2009 at 1:21 pm
Barry,
Really enjoyed the piece on NPR as I sat waiting to pick up my daughter from school.
How about you and I focus for a moment on those Fortune 1000 companies that ARE hiring… the places where jobs are actually being ADDED…
As you noted in the interview, job losses and layoffs are lagging indicators of where the economy has been… not where it is going… so
Fortune just released it’s list of 2o great companies that are actively recruiting today… that list is further augmented and clearly identifies over 18,000 job postings at just 21 companies all up and down the top 1000 US firms:
http://bit.ly/Nnxmj
That’s just a compilation of 21 firms… I wonder what that total job posting number is when extrapolated to the fortune 1000 or even fortune 5000!
Hope you can cover that on the next episode of all things considered!
gne
http://goodnewseconomist.com
January 28th, 2009 at 4:51 pm
Found this on Dudley: http://govinfo.library.unt.edu/tdrc/hearings/13mar00/wdudley.pdf
It shouldn’t be a surprise that he’s just another guy in line for global bank domination. He’s also a deregulationist.
He’s part of the Brookings Instutution. Check out their connections:
http://cache.gawker.com/assets/images/gawker/2008/06/bilderbergwidget.png
Story on how the NY Fed plans to corner the global derivatives market:
http://www.gamingthemarket.com/2009/01/geithners-silent-crisis.html