Thursday, November 6, 2014

Next Attorney General May Be a Former Member of the Board of the Federal Reserve Bank of New York

Speculation is that Loretta Lynch, the current United States Attorney for the Eastern District of New York, is at the top of President Obama's list to replace the departing Eric Holder as US Attorney General.

Lynch is sure skilled at using the revolving door. Her first legal job was as a litigation associate for the powerful law firm, Cahill Gordon & Reindel.

She then joined the Eastern District as a staff attorney in 1990. From 1998 to 1999, she was the Chief Assistant U.S. Attorney in the Eastern District. In 1999, she was nominated by President Bill Clinton to serve as the United States Attorney for the Eastern District of New York.

In 2001, Lynch left the office to become a partner at Hogan & Hartson (later Hogan Lovells). Get this, from 2003 to 2005, she was a member of the board of the Federal Reserve Bank of New York, when Timothy Geithner was president of the bank. She remained there until January 20, 2010, when President  Obama nominated Lynch to again serve as United States Attorney for the Eastern District of New York.

1 comment:

  1. “The Renminbi Hub”: Chinese Banks Acquire Stakes in US and Canadian Banks. Is There a Hidden Agenda?

    Very big news on the banking front, the Federal Reserve is now apparently allowing Chinese banks to take stakes in U.S. banks. North of our border, Canada is contemplating becoming one of the many, recent, “renminbi hubs”.

    Why would this be happening? Why would it be happening now?

    On the other hand, why would the Federal Reserve allow China into our banking system? Off the top of my head, maybe because the banks need the capital? Or worse, maybe China has told the Federal Reserve to “do it or else”? The “or else” part could be anything at this point. If China still owns all of the Treasury debt claimed by the Fed as custodian, maybe they are threatening to dump? Maybe they are threatening to upset the gold, silver or any multitude of commodity markets? …which of course would knock the legs out from under the dollar itself. If you recall, it was about 10 years ago when China wanted to buy out Unocal and were rebuffed for “national security” reasons, why would the Fed agree to this…now?