Tuesday, August 23, 2011
Fed Director gets pushback for her bank boot licking.
From the HuffPo:
Kathryn Wylde, deputy chair of the New York Fed's board, challenged state Attorney General Eric Schneiderman's opposition to a proposed $8.5 billion settlement between Bank of America and a group of investors -- leaping to the defense of the financial industry -- according to remarks quoted Monday in The New York Times.It is just so hard not to stand up for your friends.
Wylde's day job is president and chief executive of the Partnership for New York City, a nonprofit that is funded by dues from its partner companies, which include the very banks involved in the talks to settle claims over hundreds of billions of dollars in soured home loans. Her apparent sympathy toward big banks compromises Wylde's ability to represent the public as a director of a bank regulator, said research analyst Christopher Whalen, who, along with analyst Barry Ritholtz, called for Wylde to resign.
"I'm just appalled," said Whalen, who is managing director of Institutional Risk Analytics. "She is a public director of a Federal Reserve Bank, and she's not supposed to behave this way. She is not an advocate for the industry."
Subscribe to Posts [Atom]
Post a Comment