Saturday, January 5, 2013

Former Head Of The Federal Reserve Bank Of New York's Open Markets Sacked

How did Brian Sack screw up? The New York Fed wants him gone and pronto.

Sack, the former head of the Federal Reserve Bank of New York's open market operations who for the last six months served as a senior policy adviser, is to resign effective January 18.

The New York Federal Reserve buried the announcement of his resignation in a late-Friday two paragraph release:
The Federal Reserve Bank of New York today announced that Brian P. Sack, executive vice president and senior advisor to the Bank’s president, has announced his intention to resign, effective January 18, 2013. 
In his role as senior advisor, Mr. Sack has provided analytical expertise and counsel related to the economy and monetary policy.  Mr. Sack had previously served as Head of the Markets Group of the New York Fed from June 2009 through June 2012.
There was none of the Sack is a great guy, we will miss him, stuff.

Compare and contrast, the above announcement with the announcement the Fed put out in April 2012, when Sack attempted to resign at that time. First note that the announcement below was not buried late on Friday, but was made on a Thursday.
The Federal Reserve Bank of New York today announced that Brian Sack, executive vice president and head of the Markets Group, is resigning from the Bank effective September 14, 2012.

Mr. Sack will remain in his current position as head of the Markets Group and Manager of the System Open Market Account (SOMA) until June 29, 2012, to help ensure a smooth transition. The New York Fed has started the search process for Mr. Sack's replacement.

"Brian's service to the Bank over the past three years has been critical to our response to the financial crisis and the country's economic recovery," said William C. Dudley, president and chief executive officer of the New York Fed. "I accepted his resignation with great regret and wish him well."

Mr. Sack will step down as head of the Markets Group and SOMA Manager on June 29, 2012. He will then be placed on leave until September 14, 2012, during which he will have limited contact with the Bank and no access to Bank information, including FOMC and supervisory materials.

Mr. Sack joined the New York Fed as head of the Markets Group in June of 2009.

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