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Tell the Fed to fire Kathryn Wylde

Posted By Guest Author On September 7, 2011 @ 9:00 am In Federal Reserve,Markets | Comments Disabled

“It is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ‘em or hate ‘em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.” 1

That’s what Kathryn Wylde told New York Attorney General Eric Schneiderman in an attempt to pressure him to back off investigating criminal behavior by the big Wall Street banks and major mortgage firms who helped cause the 2009 economic collapse.

Who is Kathryn Wylde? Incredibly, Kathryn Wylde was appointed to represent “the public” on the Board of the New York Federal Reserve Bank. But while she is supposed to be representing you, she’s also on the payroll of the big banks. Her day job is chief executive of the Partnership for New York City. Her $466,000 annual salary is funded by dues from partner companies including many of the very banks Schneiderman wants to investigate over their role in the mortgage crisis.2

Tell Ben Bernanke and the Governors of the Federal Reserve System to fire Kathryn Wylde.

Wylde’s behavior is unacceptable. Even though her mandate as a director of the New York Fed is to represent the people, she has been pressuring New York’s top law enforcement official to stop his efforts to protect the public from being ripped off by unscrupulous banks.

New York’s Attorney General Eric Schneiderman is one of a handful of state attorneys general who is standing up to make sure the Wall Street crooks who illegally cheated millions of people don’t get a free pass.

It’s shocking that a director of the Board of the New York Fed who was appointed to represent the public would tell her state’s attorney general that he needs to stop investigating the banks’ criminal behavior and instead “make sure we are doing everything we can to support them.”

Tell Ben Bernanke and the Governors of the Federal Reserve System to fire Kathryn Wylde.

The Board of Governors of the Federal Reserve System appointed Kathryn Wylde, and they have the power to fire her. We must make it crystal clear to the Governors of the Federal Reserve System that no representative of the New York Fed who purportedly represents ‘the public’ should be pressuring the New York State Attorney General to drop his calls for investigation of criminal behavior on Wall Street. Especially not a representative who makes nearly a half million dollars a year courtesy of the very banks she is trying to shield from investigation.

The members of the Board of Governors include Chairman Ben Bernanke and Vice Chair Janet Yellen, along with Elizabeth Duke, Dan Tarullo, and Sarah Bloom Raskin. We will deliver a copy of our petition with your signature directly to every member.

Tell Ben Bernanke and the Governors of the Federal Reserve System to fire Kathryn Wylde.

Kathryn Wylde is so out of touch that she thinks it’s ok to brag to the New York Times that she told the New York Attorney General to stop throwing a wrench in the works with his investigations and start doing everything he can to support big banks. She needs a reality check, and if we put enough public pressure on the Board of Governors of the Federal Reserve System we can be sure she will get the message loud and clear.

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1. “ Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal” [1],” New York Times, August 21, 2011.
2. “New York Fed Director Kathryn Wylde Provokes Accusations Of Conflict Of Interest [2],” Huffington Post, August 23, 2011.

Source:
Tell the Fed to fire Kathryn Wylde [3]
Credo Action


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2011/09/tell-the-fed-to-fire-kathryn-wylde/

URLs in this post:

[1] Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal”: http://www.nytimes.com/2011/08/22/business/schneiderman-is-said-to-face-pressure-to-back-bank-deal.html?_r=1&pagewanted=all

[2] New York Fed Director Kathryn Wylde Provokes Accusations Of Conflict Of Interest: http://www.huffingtonpost.com/2011/08/23/new-york-fed-kathryn-wylde-conflict_n_933729.html

[3] Tell the Fed to fire Kathryn Wylde : http://act.credoaction.com/campaign/fire_wylde/index2.html

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