Search Results for: "new york fed"

Game of Thrones, The Wire, and the New York Fed

By James Kwak I wrote a column that went up this morning at The Atlantic about the ProPublica/This American Life story about the New York Fed. The gist of the argument is that we all knew the New York Fed … Continue reading

Three More Governance Questions For The New York Fed

By Simon Johnson.  This is a long post, about 2500 words. Over the last several weeks on this blog, I have expressed a broad set of concerns about governance arrangements at the Federal Reserve Bank of New York. I have … Continue reading

Jamie Dimon Should Resign From the Board Of The New York Fed

By Simon Johnson Jamie Dimon, CEO of JP Morgan Chase, is a member of the board of the New York Federal Reserve Bank.  Mr. Dimon’s role there is sometimes presented as “advisory” but he sits on the Management and Budget … Continue reading

Geithner to Dimon: Resign From The Board Of the New York Fed

By Simon Johnson In an interview Thursday on PBS NewsHour, Jeffrey Brown and Treasury Secretary Tim Geithner had the following exchange: “JEFFREY BROWN: Do you think Jamie Dimon should be off the board [of the New York Federal Reserve Board]? TIMOTHY … Continue reading

Is The New York Fed Making A Serious Mistake On Bank Dividends?

By Simon Johnson An uncomfortable dissonance is beginning to develop within the Federal Reserve.  On the one hand, senior current and former officials now generally agree with the propositions put forward by Professor Anat Admati and her distinguished colleagues – … Continue reading

A Short Question For Senior Officials Of The New York Fed

At the height of the financial panic last fall Goldman Sachs became a bank holding company, which enabled it to borrow directly from the Federal Reserve.  It also became subject to supervision by the Federal Reserve Board (with the NY Fed on point) – … Continue reading

The Value of Connections in 2008

By James Kwak These days, some papers get more attention when they are in draft form than when they are published, in part because of the length of the review and publication cycle. Recall the Romer and Romer paper on the impact … Continue reading

Cultural Capture and the Financial Crisis

By James Kwak A few years ago, while still in law school, I was invited to write a chapter for a Tobin Project book on regulatory capture. It was a bit intimidating, being part of a project that included luminaries like … Continue reading

Whiskey Costs Money

By James Kwak A few days ago I wrote a post that began with New York Fed President William Dudley talking tough about banks: “There is evidence of deep-seated cultural and ethical failures at many large financial institutions.” The thrust … Continue reading

You Don’t Say

By James Kwak Last week Peter Eavis of DealBook highlighted a statement made last year by New York Fed President William Dudley (formerly of Goldman Sachs, then a top lieutenant to Tim Geithner): “There is evidence of deep-seated cultural and ethical … Continue reading

“All You Need for a Financial Crisis . . .

By James Kwak . . . are excess optimism and Citibank.” That’s a saying that someone, probably Simon, repeated to me a few years ago. Crash of 1929, Latin American debt crisis, early 1990s real estate crash (OK, that wasn’t … Continue reading

The Federal Reserve And The Libor Scandal

By Simon Johnson On June 1, 2008, Timothy F. Geithner – then president of the Federal Reserve Bank of New York – sent an e-mail to Mervyn A. King and Paul Tucker, then respectively governor and executive director of markets … Continue reading

An Institutional Flaw At The Heart Of The Federal Reserve

By Simon Johnson.  This is a long blog post, about 2,800 words. On the “PBS NewsHour” in late May, Treasury Secretary Timothy Geithner indicated that the continued presence of Jamie Dimon, the chief executive of JPMorgan Chase, on the board … Continue reading

Jamie Dimon And The Fall Of Nations

By Simon Johnson “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” by Daron Acemoglu and James Robinson, is a brilliant and sometimes breathtaking survey of country-level governance over history and around the world. Professors Acemoglu and Robinson discern … Continue reading

Jamie Dimon And The Legitimacy Of The Federal Reserve System

By Simon Johnson There are two diametrically opposed views of how the largest financial companies in our economy operate. On the one hand, there are those like Charles Ferguson, director of the Academy Award-winning documentary “Inside Job” and author of … Continue reading