There's a fascinating Kate Kelly story at WSJ detailing the infighting that went on before William Dudley was finally named president of the New York Fed.
Treasury Secretary Geithner appears to have been Dudley's top sponsor. During the selection process, Geithner knocked down Rodgin Cohen, who specialized in banking law at Sullivan & Cromwell LLC, as a strong candidate for the job, arguing, according to a Kelly source, that Cohen, who has represented investment banks and banks in private legal matters, could be considered too close to the Wall Street establishment.
Geithner's choice Dudley was, of course far from connected with Wall Street, he was just formerly with Goldman Sachs.
Wenzel,
ReplyDeleteIsn't it funny to think of a doddering, idiot man-kid like Timmy G having any kind of weight, power or heft within any institution of any kind?
The guy is literally being sequestered so his noxious gases of stupidity and incompetence don't blow away any journalists in his immediate area, and yet people at the Fed gave a crap about his thoughts and his preferences for his successor?
I think it says a lot about the type and quality of people who still work at that place...
@Taylor
ReplyDeleteWell said.