Tuesday, September 5, 2017

New York Federal Reserve President Violated Code of Conduct; NY Fed Board Says It is No Big Deal

Here's some minor league harassment that the former Goldman Sachs economist and current New York Federal Reserve president, William Dudley, recently had to deal with.

Reuters reports that Dudley violated a code of conduct by failing to disclose that his half-sister worked at Wells Fargo & Co.

A two-month probe, which the New York Fed made public on Friday, concluded that the omission did not violate U.S. ethics laws, had no bearing on the U.S. central bank, and would not have necessitated a waiver or recusal.

The May-July probe was conducted by the outside law firm, Jenner & Block LLP, and its conclusion was accepted by the New York Fed’s board. In other words, he will continue to play an instrumental role in determining the pace of Fed money printing---that will benefit Wells Fargo and his old buddies at Goldman Sachs.

Dudley said in a statement his repeated omissions dating back to 2007 were inadvertent and embarrassing.

But here is the kicker.

In March, Charlotte Hogg resigned from her post as deputy governor of the Bank of England after it came to light that she had failed to disclose her brother’s employment at a bank regulated by the British central bank.

According to the Jenner & Block report. Dudley realized he had made the same type of mistake in April when Hogg’s story came up during a meeting with Fed staff to discuss a presentation he would be giving, I am not making this up, on ethics.


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