Fed Governor Elizabeth Duke Resigns

Tyler Durden's picture


A harbinger of what will happen to the Chairsatan perhaps? Or is this just a logical response of what the "other half" of the Fed, those who  demanded an end to QE by the end of 2013, think about Bernanke's latest public statement. If Dick Fisher quits next, watch out.

From the Fed:

Elizabeth A. Duke submitted her resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2013.


Duke, who has been a member of the Board since August 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.


"Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board," said Federal Reserve Chairman Ben S. Bernanke. "She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors."


Duke, 60, was appointed to the Board by President Bush to fill an unexpired term that ended January 31, 2012. During her time on the Board she served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.


Before joining the Board, Duke was Senior Executive Vice President and Chief Operating Officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an Executive Vice President at Wachovia Bank and as an Executive Vice President at SouthTrust Bank. Earlier in her career, Ms. Duke was President and Chief Executive Officer of Bank of Tidewater, based in Virginia Beach, Virginia.


A copy of her resignation letter is attached.


Fed Duke by zerohedge


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Thu, 07/11/2013 - 10:37 | 3741391 Cult_of_Reason
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Rats abandon a sinking ship.

Thu, 07/11/2013 - 10:38 | 3741395 ekm
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Thu, 07/11/2013 - 10:44 | 3741430 cifo
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She probably wasn't making enough money for herself and looking for a more lucrative position, like GS.

Thu, 07/11/2013 - 10:52 | 3741464 Cult_of_Reason
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The official champagne of Obama second inauguration (real picture of Titanic Collection).


Thu, 07/11/2013 - 11:09 | 3741557 BigJim
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 "Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board," said Federal Reserve Chairman Ben S. Bernanke. "She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors."


Thu, 07/11/2013 - 11:17 | 3741596 Zer0head
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it was that or "Daisy"


Thu, 07/11/2013 - 12:50 | 3741899 Id fight Gandhi
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Ya noticed that too. It's actually sexist and pejorative to use a nickname like this in a formal announcement. Might as well pat her ass for a good job too right?

Thu, 07/11/2013 - 11:09 | 3741563 machineh
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The bitch is eloping with Kudlow.

Thu, 07/11/2013 - 11:13 | 3741579 steelhead23
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Mac, that made me laugh.

Thu, 07/11/2013 - 11:36 | 3741673 Handful of Dust
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I was hoping Ben would bring in The Don to tell her:

"You're fired!"


Thu, 07/11/2013 - 17:58 | 3743044 Spigot
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She was "resigned"...by her owners. These public faces are simply meat puppets for the owners: Bennie Bernank and the Meat Puppets. They don't wipe their butts without instructions to do so.

Thu, 07/11/2013 - 10:43 | 3741433 Divided States ...
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Bernanke threw his fellow fomc clowns under the Bus yesterday by making them all look clueless and incompetent with his dovish speech. Kudos to duke for showing him up. Lets hope they dont find a replacement with cheesypopey heritage.

Thu, 07/11/2013 - 10:50 | 3741467 pods
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Shouldn't she have submitted her letter to Jamie?

Or will Obama forward it up to his boss for her?


Thu, 07/11/2013 - 11:11 | 3741572 max2205
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Finally, someone who is tired of sucking black dick...

Thu, 07/11/2013 - 11:30 | 3741650 MichiganMilitiaMan
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2012 proved that "once you go black, you never go back"

Thu, 07/11/2013 - 23:25 | 3743933 luckylogger
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My thoughts exactly, not even Gartman caught it.

The biggest "hawk" said fuk it I am outa here. This is a buy sign I guess]or is it a caution sign or is it just bs. Maybe the day will come that he has no input and the market rules- until then - look out. He obviously has an agenda of just fuking everybody.

Please Bernank just leave and get the fuk out befor you destroy more people. .....................

Thu, 07/11/2013 - 10:49 | 3741459 Its Only Rock N Roll
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The Fed is in complete disarray, they do not know what to do

Thu, 07/11/2013 - 11:10 | 3741569 eclectic syncretist
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When Benny says the Fed still has lots of tools in it's toolbox, he is referring to the following tool inventory

1. Smoke

2. Mirrors

3. Lies

4. Printing Press

When you understand this understanding the rest becomes pretty easy.

Thu, 07/11/2013 - 12:08 | 3741743 Cosmicserpent
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The Fed is composed of complete circle jerking tools. And yes, they are trapped in a box.

Thu, 07/11/2013 - 10:42 | 3741419 DeadFred
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I wondered about this yesterday when Ben gave his "Just kidding" response about the taper yesterday. Would any of the hawks resign in disgust. Of course I don't know that Duke is a hawk but I did have the wondering.

Thu, 07/11/2013 - 10:56 | 3741490 JP McManus
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Bank of Tidewater - Gone?

SouthTrust - bought by Wachovia

Wachovia - Imploded, bought by WFC

TowneBank - Exited TARP in 5/2013

Fed - ???

Thu, 07/11/2013 - 10:37 | 3741392 Its Only Rock N Roll
Its Only Rock N Roll's picture

And it starts

Thu, 07/11/2013 - 10:43 | 3741432 SHEEPFUKKER

One down, many more to go. 

Thu, 07/11/2013 - 10:37 | 3741394 Ray745
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Who replaces her?

Thu, 07/11/2013 - 10:41 | 3741411 ChaosEquilibrium
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Thu, 07/11/2013 - 10:47 | 3741451 repete
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Thu, 07/11/2013 - 11:09 | 3741564 gmrpeabody
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"Who replaces her?"

Who's on second..., What replaces her.

Thu, 07/11/2013 - 17:20 | 3742906 Scarlett
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Prof. Dr. Gideon Gono

Thu, 07/11/2013 - 10:51 | 3741474 prains
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Thu, 07/11/2013 - 11:05 | 3741541 Agent P
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Thu, 07/11/2013 - 11:27 | 3741633 prains
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is there another?

Thu, 07/11/2013 - 11:57 | 3741733 Agent P
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Not in my book.

Gunga...gunga galunga.

Thu, 07/11/2013 - 11:35 | 3741670 WonderDawg
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Got a pool, and a pond. Pond'll be good for you.

Thu, 07/11/2013 - 12:47 | 3741890 RiverDrifter
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Herman Cain will bring pizzas and NINE, NINE, NINE to the table....a hard package for even Bernank to turn down.  

Thu, 07/11/2013 - 10:38 | 3741396 Dollar Bill Hiccup
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Need a brother for Governor. Show some diversity, peeps.

How about Stan O'Neal ?

He showed that he could destroy a fine company.

Would be great at the Fed.

Thu, 07/11/2013 - 10:40 | 3741407 eatthebanksters
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Jesse Jackson Jr. has proven money management skills!

Thu, 07/11/2013 - 10:43 | 3741426 MsCreant
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How about Solyndra's Brian Harrison? Reverse Perverse Diversity.

Thu, 07/11/2013 - 11:07 | 3741553 gmrpeabody
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How about Cramer...?

He just wants to make money...

Thu, 07/11/2013 - 11:34 | 3741640 rqb1
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How about Abby Joseph Cohen?

She'll make Ben look good in compairson. 

Thu, 07/11/2013 - 11:29 | 3741642 CrimsonAvenger
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I hear that Corzine's free.

Thu, 07/11/2013 - 11:32 | 3741656 Taffy Lewis
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I nominate Harold Raines:

Harold Raines, a Democrat rising star and Fannie Mae’s CEO in the mid-1990s, told the Washington Post that Fannie Mae is “the equivalent of a Federal Reserve system for housing.”



Thu, 07/11/2013 - 12:11 | 3741766 Cosmicserpent
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Reggie Middleton! Now he could give some entertaining speeches.

Thu, 07/11/2013 - 13:00 | 3741951 MeelionDollerBogus
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And every one of them would be started as a title that's an entire paragraph followed by 2 dozen charts in a power-point presentation :D

Thu, 07/11/2013 - 10:39 | 3741398 Temporalist
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Them Duke boys never meanin' no harm.


Thu, 07/11/2013 - 10:39 | 3741399 eatthebanksters
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I'll bet she was so happy with Bernanke's statement and the resulting optimism shown by the markets that she felt her counsel and oversight were no longer needed...

Thu, 07/11/2013 - 10:39 | 3741401 JP McManus
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"It was the Dukes, it was the Dukes!"

Thu, 07/11/2013 - 10:41 | 3741415 KickIce
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Now we just need Valentine and Winthorpe to take down the Duke brothers.

Thu, 07/11/2013 - 10:50 | 3741469 Agent P
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She can't resign, a Duke has sat on this board since it was founded!  Get that Fed Governor back in here...turn these printing presses back on!

Thu, 07/11/2013 - 10:54 | 3741482 Skin666
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And where the hell is Beaks?!

Thu, 07/11/2013 - 10:40 | 3741404 MsCreant
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Editing error:

Subcommittee on Subversion of Regulation of Community and Small Regional Banking Organizations

Do NOT follow this link or you will be banned from the site!