Officers, Directors and Appointed and Ex Officio Members of Federal

Total Page:16

File Type:pdf, Size:1020Kb

Officers, Directors and Appointed and Ex Officio Members of Federal 2009 402 96th Annual Report, 2009 Federal Reserve Banks and Branches December 31, 2009 Officers 1 BANK or Branch Chair President Officer Deputy Chair First Vice President in charge of Branch BOSTON 2 .............. Lisa M. Lynch Eric S. Rosengren Henri A. Termeer Paul M. Connolly NEW YORK 2 .......... Denis M. Hughes William C. Dudley Lee C. Bollinger Christine M. Cumming PHILADELPHIA ....... William F. Hecht Charles I. Plosser Charles P. Pizzi William H. Stone, Jr. CLEVELAND .......... Tanny B. Crane Sandra Pianalto Alfred M. Rankin, Jr. Vacant Cincinnati ............... James M. Anderson LaVaughn M. Henry Pittsburgh ............... Sunil T. Wadhwani Robert B. Schaub RICHMOND ........... Lemuel E. Lewis Jeffrey M. Lacker Margaret E. Sarah G. Green McDermid Baltimore ............... William R. Roberts David E. Beck Charlotte ................ Claude C. Lilly Matthew A. Martin ATLANTA............... D. Scott Davis Dennis P. Lockhart Carol B. Tomé Patrick K. Barron Birmingham ............. F. Michael Reilly Julius Weyman Jacksonville.............. Linda H. Sherrer Christopher L. Oakley Miami.................... Gay Rebel Thompson Juan del Busto Nashville................. David Williams II Lee C. Jones New Orleans............. Robert S. Boh Robert J. Musso CHICAGO 2 ............. John A. Canning, Jr. Charles L. Evans William C. Foote Gordon Werkema Detroit ................... Timothy M. Robert Wiley Manganello ST. LOUIS............... Steven H. Lipstein James Bullard Ward M. Klein David A. Sapenaro Little Rock............... Sonja Yates Hubbard Robert A. Hopkins Louisville ................ Gary A. Ransdell Maria Gerwing Hampton Memphis................. Charles S. Blatteis Martha Perine Beard MINNEAPOLIS......... James J. Hynes Narayana R. John W. Marvin Kocherlakota James M. Lyon Helena ................... Joseph F. McDonald R. Paul Drake 2009 Federal Reserve System Organization 403 Officers—continued 1 BANK or Branch Chair President Officer Deputy Chair First Vice President in charge of Branch KANSAS CITY ......... Lu M. Cordova Thomas M. Hoenig Paul DeBruce Esther L. George Denver ................... Kristy A. Schloss Mark C. Snead Oklahoma City .......... Steven C. Agee Chad Wilkerson Omaha ................... Charles R. Hermes Jason Henderson DALLAS ................ James T. Hackett Richard W. Fisher Herb Kelleher Helen E. Holcomb El Paso................... D. Kirk Edwards Robert W. Gilmer Houston.................. Douglas L. Foshee Robert Smith III San Antonio ............. Steven R. Vandegrift Blake Hastings SAN FRANCISCO 2 .... T. Gary Rogers Janet L. Yellen Douglas W. John F. Moore Shorenstein Los Angeles ............. Andrew J. Sale Mark L. Mullinix Portland.................. James H. Rudd Steven H. Walker Salt Lake City ........... Clark D. Ivory Robin A. Rockwood Seattle.................... Helvi K. Sandvik Mark A. Gould 1. The chair of a Federal Reserve Bank serves, by statute, as Federal Reserve agent. 2. Additional offices of these Banks are located at Windsor Locks, Connecticut; East Rutherford, New Jersey; Des Moines, Iowa; Midway at Bedford Park, Illinois; and Phoenix, Arizona. Conference of Chairs Conference of Presidents The chairs of the Federal Reserve Banks The presidents of the Federal Reserve are organized into the Conference of Banks are organized into the Conference of Chairs, which meets to consider matters of Presidents, which meets periodically to common interest and to consult with and identify, define, and deliberate issues of advise the Board of Governors. Such meet- strategic significance to the Federal Reserve ings, also attended by the deputy chairs, System; to consider matters of common were held in Washington, D.C., on May 19 interest; and to consult with and advise the and 20; September 21; and November 17 Board of Governors. and 18, 2009. Jeffrey M. Lacker, president of the Fed- The members of the executive committee eral Reserve Bank of Richmond, served as of the Conference of Chairs during 2009 chair of the conference in 2009, and Rich- were Lisa M. Lynch, chair; Lemuel E. ard W. Fisher, president of the Federal Lewis, vice chair; and James J. Hynes, Reserve Bank of Dallas, served as vice member. chair. Sandra Tormoen, Federal Reserve On November 18, the conference elected Bank of Richmond, served as secretary, and its executive committee for 2010, naming Harvey Mitchell, Federal Reserve Bank of Lemuel E. Lewis as chair; Charles P. Pizzi Dallas, served as assistant secretary. as vice chair; and Alfred M. Rankin, Jr. as the third member. 2009 404 96th Annual Report, 2009 Conference of Class A directors represent the stockhold- First Vice Presidents ing member banks in each Federal Reserve District. Class B and Class C directors rep- The Conference of First Vice Presidents of resent the public and are chosen with due, the Federal Reserve Banks was organized but not exclusive, consideration to the inter- in 1969 to meet periodically for the consid- ests of agriculture, commerce, industry, ser- eration of operations and other matters. vices, labor, and consumers; they may not James M. Lyon, first vice president of be officers, directors, or employees of any the Federal Reserve Bank of Minneapolis, bank or bank holding company. In addition, served as chair of the conference in 2009, Class C directors may not be stockholders and Sheryl L. Britsch, Federal Reserve of any bank or bank holding company. Bank of Minneapolis, served as secretary. For the election of Class A and Class B The conference ratified the appointment of directors, the member banks of each Fed- Sally Green, first vice president of the Fed- eral Reserve District are classified into eral Reserve Bank of Richmond, as vice three groups. Each group, which comprises chair for the remainder of 2009 after the banks with similar capitalization, elects one death of R. Chris Moore, first vice presi- Class A director and one Class B director. dent of the Federal Reserve Bank of Cleve- Annually, the Board of Governors desig- land and vice chair of the conference for nates one of the Class C directors as chair 2008-09. Anne C. Gossweiler, Federal of the board and Federal Reserve agent of Reserve Bank of Richmond, was also ap- each District Bank, and it designates pointed to succeed Diana C. Starks, Federal another Class C director as deputy chair. Reserve Bank of Cleveland, as assistant Federal Reserve Branches have either secretary for the remainder of 2009. Those five or seven directors, a majority of whom actions were effective February 18, 2009. are appointed by the parent Federal Reserve On October 21, 2009, the conference Bank; the others are appointed by the ratified the appointment of Sally Green as Board of Governors. One of the directors chair, Esther L. George, first vice president appointed by the Board is designated annu- of the Federal Reserve Bank of Kansas ally as chair of the board of that Branch in City, as vice chair, and Anne C. Gossweiler a manner prescribed by the parent Federal as secretary for 2010−11. Reserve Bank. The chairs and deputy chairs of the Directors Reserve Bank boards of directors, and the chairs of the Branches, are listed in the pre- Each Federal Reserve Bank has a nine ceding table, titled “Officers.” The directors member board: three Class A and three of the Banks and Branches are listed in the Class B directors, who are elected by the following table. For each director, the class stockholding member banks, and three of directorship, the director’s principal or- Class C directors, who are appointed by the ganizational affiliation, and the date the di- Board of Governors. rector’s term expires are shown. 2009 Federal Reserve System Organization 405 Directors December 31, 2009 Bank or Branch, Category Term expires Name Title Dec. 31 DISTRICT 1—BOSTON Reserve Bank Class A David A. Lentini ............ Chairman, President, and Chief Executive Officer, 2009 The Connecticut Bank and Trust Company, Hartford, Connecticut James C. Smith ............. Chairman and Chief Executive Officer, Webster Bank, 2010 N.A., Waterbury, Connecticut Kathryn G. Underwood..... President and Chief Executive Officer, Ledyard 2011 National Bank, Hanover, New Hampshire Class B Stuart H. Reese ............. Chairman and Chief Executive Officer, MassMutual 2009 Financial Group, Springfield, Massachusetts Robert K. Kraft ............. Chairman and Chief Executive Officer, The Kraft 2010 Group, Foxborough, Massachusetts Michael T. Wedge .......... Former President and Chief Executive Officer, 2011 BJ’s Wholesale Club, Inc., Natick, Massachusetts Class C Lisa M. Lynch .............. Dean and Professor of Economics, The Heller School 2009 for Social Policy and Management, Brandeis University, Waltham, Massachusetts Kirk A. Sykes ............... President, Urban Strategy America Fund, L.P., Boston, 2010 Massachusetts Henri A. Termeer ........... Chairman, President, and Chief Executive Officer, 2011 Genzyme Corporation, Cambridge, Massachusetts DISTRICT 2—NEW YORK Reserve Bank Class A James Dimon................ Chairman and Chief Executive Officer, JPMorgan 2009 Chase & Co., New York, New York Richard L. Carrión.......... Chairman, President and Chief Executive Officer, 2010 Popular, Inc., San Juan, Puerto Rico Charles V. Wait ............. President, Chief Executive Officer, and Chairman, 2011 The Adirondack Trust Company, Saratoga Springs, New York Class B Jeffrey B. Kindler ........... Chairman and Chief Executive Officer, Pfizer, Inc., 2009 New York, New York James S. Tisch .............. President and Chief Executive Officer,
Recommended publications
  • DIRECTING the Disorder the CFR Is the Deep State Powerhouse Undoing and Remaking Our World
    DEEP STATE DIRECTING THE Disorder The CFR is the Deep State powerhouse undoing and remaking our world. 2 by William F. Jasper The nationalist vs. globalist conflict is not merely an he whole world has gone insane ideological struggle between shadowy, unidentifiable and the lunatics are in charge of T the asylum. At least it looks that forces; it is a struggle with organized globalists who have way to any rational person surveying the very real, identifiable, powerful organizations and networks escalating revolutions that have engulfed the planet in the year 2020. The revolu- operating incessantly to undermine and subvert our tions to which we refer are the COVID- constitutional Republic and our Christian-style civilization. 19 revolution and the Black Lives Matter revolution, which, combined, are wreak- ing unprecedented havoc and destruction — political, social, economic, moral, and spiritual — worldwide. As we will show, these two seemingly unrelated upheavals are very closely tied together, and are but the latest and most profound manifesta- tions of a global revolutionary transfor- mation that has been under way for many years. Both of these revolutions are being stoked and orchestrated by elitist forces that intend to unmake the United States of America and extinguish liberty as we know it everywhere. In his famous “Lectures on the French Revolution,” delivered at Cambridge University between 1895 and 1899, the distinguished British historian and states- man John Emerich Dalberg, more com- monly known as Lord Acton, noted: “The appalling thing in the French Revolution is not the tumult, but the design. Through all the fire and smoke we perceive the evidence of calculating organization.
    [Show full text]
  • EATON 2019 Proxy Statement and Notice of Meeting 9
    Proposal 1: Election of Directors —Our Nominees Gregory R. Page Retired Chairman and Chief Executive Officer, Cargill Gregory R. Page is the retired Chairman and Chief Executive Officer of Cargill, an international marketer, processor and distributor of agricultural, food, financial and industrial products and services. He was named Corporate Vice President & Sector President, Financial Markets and Red Meat Group of Cargill in 1998, Corporate Executive Vice President, Financial Markets and Red Meat Group in 1999, and President and Chief Operating Officer in 2000. He became Chairman and Chief Executive Officer in 2007 and was named Executive Chairman in 2013. Mr. Page served as Executive Director from 2015 to 2016, after which he retired from the Cargill Board. Mr. Page is a director of 3M and Deere & Company and is a member of the Advisory Committee of the Agriculture Division of DowDuPont, Corteva. He is past Chairman and current board member of Big Brothers Big Sisters of America. Mr. Page is a former Director since 2003 director of Carlson and the immediate past President and a board member of the Northern Star Council Age 67 of the Boy Scouts of America. He is a member of the board of the American Refugee Committee. Director Qualifications: As the retired Chairman and former Chief Executive Officer of one of the largest global corporations, Mr. Page brings extensive leadership and global business experience, in-depth knowledge of commodity markets, and a thorough familiarity with the key operating processes of a major corporation, including financial systems and processes, global market dynamics and succession management. Mr.
    [Show full text]
  • US FEDERAL RESERVE in FOCUS Who Matters in the FOMC?
    US FEDERAL RESERVE IN FOCUS Who Matters In The FOMC? Sensing the Fed is finally on the cusp of normalizing pol- throughout the last few years) and the QE program com- icy interest rate, there will be a sharper intensity in mar- ing to an end in the next FOMC meeting on 28-29 Oct 2014, ket’s Fed watching, not just about the FOMC decisions the market is sensing that the Fed is finally on the cusp of and the minutes, and also Fed officials’ commentary. normalizing the FFTR. The market consensus is currently ex- pecting the Fed’s rate-lift off to take place in the summer of A recent St. Louis Fed report highlighted that between 2015 (we are expecting it to be announced in the 16-17 June 2008 and 2014, the Fed Reserve bank presidents ac- 2015 FOMC). Thus, there is increasingly intense interest in Fed counted for all of the dissents since 2008 which is un- watching, both in terms of the FOMC decisions & minutes as usual according to the authors. In prior years, both Fed well as the comments from senior Fed Reserve officials that Presidents and Fed Board Governors dissented. are participants in the FOMC (voters and non-voters). In 2014 FOMC decisions so far, Charles Plosser and Rich- First, it is instructive to have a bit of background to the mon- ard Fishers are the key dissenters. And we believe that etary policy formulation process within the US Federal Re- they may be joined by Loretta Mester in the dissent serve.
    [Show full text]
  • Meet the New Boss, Same As the Old Boss (Part II)
    Samuel Miller CFA, CAIA Senior Analyst Deron T. McCoy CFA, CFP®, CAIA, AIF® Chief Investment Officer Meet the New Boss, Same as the Old Boss (Part II) Four years ago in our December 2013 SEIA Report titled, “The Federal Reserve: Meet the New Boss, Same as the Old Boss”, we offered reasons why analyzing the human makeup of the Board is so important (hint: they more or less set monetary policy for the world, affecting global capital markets everywhere). We opined that the new incoming Federal Reserve Chair Janet Yellen was very much in line with her predecessor and that her appointment was a “signal to all investors that easy monetary policy will be the policy of choice for the foreseeable future” and “short-term interest rates might be low for another three years extending through 2016.” We concluded by stating “Yellen’s policies should support ‘risk assets’ (Equities, High Yield Bonds, etc.) in the near term with her hopeful goal of higher inflation and economic overheating (not a typo) four years out which will in turn convolute her reappointment process (in 2017).” Four years have now passed and while we can claim victory on our assessment of the stock market, our view of an overheated economy came up a bit short. As such, the reappointment process caused nary a ripple in global markets as the new-new boss is the same as the old-old boss. Who is Jerome Powell? On November 2, 2017, President Trump nominated Jerome “Jay” Powell to be the next Fed chair, providing clarification for the market and lessening monetary policy uncertainty in the near and intermediate term.
    [Show full text]
  • The Transformation of Economic Analysis at the Federal Reserve During the 1960S
    The Transformation of Economic Analysis at the Federal Reserve during the 1960s by Juan Acosta and Beatrice Cherrier CHOPE Working Paper No. 2019-04 January 2019 The transformation of economic analysis at the Federal Reserve during the 1960s Juan Acosta (Université de Lille) and Beatrice Cherrier (CNRS-THEMA, University of Cergy Pontoise) November 2018 Abstract: In this paper, we build on data on Fed officials, oral history repositories, and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Federal Reserve. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision- making process and a process internal to the discipline whereby institutionalism was displaced by neoclassical theory and econometrics. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who paradoxically did not always held a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economic analysis. 1 I.
    [Show full text]
  • Chapter Two. the Origin of the World Bank
    CHAPTER TWO. THE ORIGIN OF THE WORLD BANK. CHAPTER TWO THE ORIGIN OF THE WORLD BANK 2.1 AN INTRODUCTION TO THE WORLD BANK The International Bank for Reconstruction and Development (IBRD) is an institution, which was formed after the devastation of the economies of Europe, According to Harry Dexter White “No matter how long the war lasts nor how it is won, we shall be faced with three inescapable problems: to prevent the disruption of foreign exchange and the collapse of monetary and credit system to assure the restoration of foreign trade and to supply the huge volume of capital that will be needed virtually throughout the world for reconstruction, for relief and for economic recovery” 1. The idea of reconstruction was the first to be conceived, focusing only the involved allies in the war and not the rest of less developed countries. Together with its sister institution, the International Monetary Fund (IMF), they were established 2. By December 31, 1945, 29 countries had approved the bank’s Articles of Agreement. In March 1946, the board of governors of the World Bank and the International Monetary Fund were inaugurated in Savannah, where they adopted the institutions’ statute and elected the bank's executive directors. The board first met on May 7, 1946. The bank’s first president, Eugene Meyer, took office on June 18, and the bank opened its world headquarters at 1818 H Street, NW, Washington, DC, on June 25 1 946. They are what have come to be known as Bretton Woods institutions. But, later there was a greater need for the 73 IBRD to widen its goal by thinking beyond reconstruction.
    [Show full text]
  • The Federal Reserve Board Before Marriner Eccles (1931-1934)
    clevelandfed.org/research/workpaper/index.cfm THE FEDERAL RESERVE BOARD BEFORE MARRINER ECCLES (1931-1934) by Walker F. Todd Walker F Todd is an assistant general counsel and research officer at the Federal Reserve Bank of Cleveland. The author thanks Joseph G. Haubrich. Michele S. Lachman, Joseph C Reid. kchard C. Schiming. and James B. Thomson for helphl comments This paper was presented at the N'estern Economic Association International Conference at Lake Tahoe. hevada. on June 23. 1993. A related anicle was published by the author as "History of and Rationales for the Reconstmaion Finance Corpo- ration." Federal Reserve Bank of Cleveland. Ecor~omrc J(t.~.rrtt.vol 28. no 4 ( 1992 Quaner 4). pp 22-35 U'orkin~papers of the Federal Reserve Bank of Cleveland are preiimlnary materials circulated to stimulate discussion and cntical comment The views stated herein are those of the author and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reseme System April 1994 clevelandfed.org/research/workpaper/index.cfm ABSTRACT The political economy model followed by most orthodox, mainstream American economists before 1931 was classically liberal, albeit occasionally with peculiarly American permutations. After the United Kingdom suspended convertibility of sterling into gold (the bedrock of orthodox financial principles) in September 1931, American economic policymakers, including President Hoover and Eugene Meyer, governor of the Federal Reserve Board, became , increasingly unorthodox in their prescriptions. Although central planning measures of the corporate state variety had manifested k themselves vigorously but briefly in policymaking circles during and immediately after World War I, the Harding, Coolidge, and early Hoover years were supposed to be a return to prewar anormalcy,m as the slogan associated with Barding's campaign had it.
    [Show full text]
  • FEDERAL RESERVE SYSTEM the First 100 Years
    FEDERAL RESERVE SYSTEM The First 100 Years A CHAPTER IN THE HISTORY OF CENTRAL BANKING FEDERAL RESERVE SYSTEM The First 100 Years A Chapter in the History of Central Banking n 1913, Albert Einstein was working on his established the second Bank of the United States. It new theory of gravity, Richard Nixon was was also given a 20-year charter and operated from born, and Franklin D. Roosevelt was sworn 1816 to 1836; however, its charter was not renewed in as assistant secretary of the Navy. It was either. After the charter expired, the United States also the year Woodrow Wilson took the oath endured a series of financial crises during the 19th of office as the 28th President of the United and early 20th centuries. Several factors contributed IStates, intent on advocating progressive reform to the crises, including a number of bank failures, and change. One of his biggest reforms occurred which generated waves of bank panics and on December 23, 1913, when he signed the Federal economic instability.2 Reserve Act into law. This landmark legislation When Jay Cooke and Company, the nation’s created the Federal Reserve System, the nation’s largest bank, failed in 1873, a panic erupted, leading central bank.1 to runs on other financial institutions. Within months, the nation’s economic problems deepened as silver A Need for Stability prices dropped after the Coinage Act of 1873 was Why was a central bank needed? The nation passed, which dampened the interests of U.S. silver had tried twice before to establish a central bank miners and led to a recession that lasted until 1879.
    [Show full text]
  • Maintaining Stability in a Changing Financial System
    The Participants TOBIAS ADRIAN JEANNINE AvERSA Senior Economist Economics Writer Federal Reserve Bank of New York Associated Press SHAMSHAD AKHTAR MARTIN H. BARNES Governor Managing Editor, State Bank of Pakistan The Bank Credit Analyst BCA Research LEWIS ALEXANDER Chief Economist CHARLES BEAN Citi Deputy Governor Bank of England HAMAD AL-SAYARI Governor STEVEN BECKNER Saudi Arabian Monetary Agency Senior Correspondent Market News International SINAN ALSHABIBI Governor C. FRED BERGSTEN Central Bank of Iraq Director Peterson Institute for DAVID E. ALTIG International Economics Senior Vice President and Director of Research RICHARD BERNER Federal Reserve Bank of Atlanta Co-Head, Global Economics Morgan Stanley, Inc. SHUHEI AOKI General Manager for the Americas BRIAN BLACKSTONE Bank of Japan Special Writer Dow Jones Newswires 679 08 Book.indb 679 2/13/09 3:59:24 PM 680 The Participants ALAN BOLLARD JOSÉ R. DE GREGORIO Governor Governor Reserve Bank of New Zealand Central Bank of Chile HENDRIK BROUWER SErvAAS DEROOSE Executive Director Director De Nederlandsche Bank European Commission JAMES B. BULLARD WILLIAM C. DUDLEY President and Chief Executive Vice President Executive Officer Federal Reserve Bank of New York Federal Reserve Bank of St. Louis ROBERT H. DUGGER MARIA TEODORA CARDOSO Managing Director Member of the Board of Directors Tudor Investment Corporation Bank of Portugal ELIZABETH A. DUKE MARK CARNEY Governor Governor Board of Governors of the Bank of Canada Federal Reserve System JOHN CASSIDY CHARLES L. EvANS Staff Writer President and Chief The New Yorker Executive Officer Federal Reserve Bank of Chicago LUC COENE Deputy Governor MARK FELSENTHAL National Bank of Belgium Correspondent Reuters LU CÓRDOVA Chief Executive Officer MIGUEL FERNÁNDEZ Corlund Industries OrDÓÑEZ Governor ANDREW CROCKETT Bank of Spain President JPMorgan Chase International CAMDEN R.
    [Show full text]
  • The Fed's Year of Transition
    Social Education 70(2), pg 62–68 ©2006 National Council for the Social Studies The Fed’s Year of Transition Mark C. Schug Scott Niederjohn Many Americans regard the chair- He served for more than 18 years. He time, there were serious concerns about man of the Federal Reserve System as was originally appointed to the office how well a job Greenspan would do holding one of the nation’s most powerful as chairman on August 11, 1987 by following Volcker’s success in fighting jobs, second only to the president’s. The President Reagan. Greenspan was inflation. Today, it is Greenspan many influence of the Fed chairman stretches reappointed to the board to serve a consider the difficult act to follow. He beyond the borders of the United States full 14-year term that began February has earned widespread confidence for and effects monetary policy and market 1, 1992; he was appointed chairman by his ability to handle monetary policy. conditions of nations throughout the Presidents Reagan, Bush, Clinton, and He faced several challenges while in world. Yet, to many Americans—peo- Bush, and served the second-longest office: ple not known for their high levels of term in the history of the Fed. (Only economic literacy—the workings of the William McChesney served longer.) • Ten weeks into his term, the stock Federal Reserve System and the duties Table 1 shows a list of past chairmen. market crashed—the Dow Jones of the chairman are a mystery.1 The pur- Greenspan succeeded Paul A. Average dropped 508 points on pose of this article is to: Volcker as Fed chairman in 1987.
    [Show full text]
  • The Very Big Bankers II
    -VBIG KERS Gary Allen is author of None Dare Call It Conspiracy; The Rockefeller File; Kissinger; Jimmy Carter/Jimmy Carter; Ted Kennedy: In Over His Head. He is an AMERICAN OPINION Contributing Editor and also Editor of Insider Report. • IN PART ONE of this article we vestment bankers have not been ad­ introduced the arcane and seldom­ vocates of laissez-faire capitalism discussed field of investment bank­ but have actively sought government­ ing, and described some of the acti­ protected markets. Especially for vities in which investment bankers themselves. engage . After outlining their histori­ The price of deregulation is great­ cal background we examined the im­ er competition. This would be trau­ portant investment houses of Mor­ matic in a field which has tradition­ gan Stanley and Kuhn, Loeb. We ally had little price competition. The noted with special care that such in- securities industry has for years JAN UARY, 1984 35 been heavily regulated by a maze of heavily involved in supporting the rules from the Securities and Ex­ cause of a New World Order and in change Commission. The dominant encouraging strategic trade with houses in the field like it that way, Communist governments. because the regulations serve to pro­ Although Lazard's assiduously tect their oligopoly from interlopers strives to keep its powerful wheel­ who might give customers more at­ ings and dealings secret from the tractive alternatives. As Fortune public, it is known that the firm 's magazine admits, "Like other busi­ transactions involve an international nessmen who have faced the specter network which includes several im­ of deregulation (and lower profits), portant Swiss banks.
    [Show full text]
  • Bernanke Visits Biotechnology Site in Oakland Thursday, October 14, 2010 by Erich Schwartzel-Pittsburgh Post Gazette
    Bernanke visits biotechnology site in Oakland Thursday, October 14, 2010 By Erich Schwartzel-Pittsburgh Post Gazette Lake Fong/Post-Gazette Federal Reserve chairman Ben Bernanke, right, checks out a snaking robot camera made by Cardiorobotics Inc. that's used in minimally invasive surgical procedures. Looking on in South Oakland are three company executives, from left to right, CEO Samuel Straface, vice president Kevin Gilmartin and director of clinical application Richard Kuenzler Say what you will about the economic crisis, but it’s done amazing things for Ben Bernanke's celebrity. In what other economic environment would hallways fill with paparazzi ready to catch the chairman of the Federal Reserve? When else would national cable stations send two teams of reporters to track a former Princeton professor? Boom mics almost outnumbered Secret Service earpieces when Mr. Bernanke stopped Wednesday for two hours at the Pittsburgh Life Sciences Greenhouse. He's in town for a meeting today between the Federal Reserve Bank of Cleveland and the Fed's Pittsburgh branch, and the listening-tour portion of his trip started at the Greenhouse, a local incubator program for biotechnology companies. But drastic economic measures like stimulus funding and bank bailouts have transformed the Fed chairman from a bureaucratic mainstay into a political operative, equal parts prophet and punching bag. Indeed, if Wednesday's discussion was any proof, Mr. Bernanke now presides over a nation of nervous entrepreneurs ready to question his every decision -- even if he's in the same room. A quiet tour of four Greenhouse-assisted companies was followed by a lively discussion on the problems executives face in a national credit crunch.
    [Show full text]