Tuesday, January 27, 2009

Goldman Man Named NY Fed President

Imagine my surprise. The Goldman Sachs octopus has grown another tentacle.

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.

Dudley was executive vice president of the Markets Group at the Federal Reserve Bank of New York. He was also the manager of the System Open Market Account for the Federal Open Market Committee.

Prior to joining the Bank in January 2007, Dudley was a partner and managing director at Goldman, Sachs & Company and served for a decade as the firm’s chief U.S. economist.

“I am honored to have this opportunity to lead an institution of such high quality—its people and their collective commitment to the public good are exemplary,” said Dudley according to a press release issued by the Fed.

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