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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Cult_of_Reason's picture

Rats abandon a sinking ship.

cifo's picture

She probably wasn't making enough money for herself and looking for a more lucrative position, like GS.

Cult_of_Reason's picture

The official champagne of Obama second inauguration (real picture of Titanic Collection).


BigJim's picture

 "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."


Zer0head's picture

it was that or "Daisy"


Id fight Gandhi's picture

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?

machineh's picture

The bitch is eloping with Kudlow.

Handful of Dust's picture

I was hoping Ben would bring in The Don to tell her:

"You're fired!"


Spigot's picture

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.

Divided States of America's picture

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.

pods's picture

Shouldn't she have submitted her letter to Jamie?

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


max2205's picture

Finally, someone who is tired of sucking black dick...

MichiganMilitiaMan's picture

2012 proved that "once you go black, you never go back"

luckylogger's picture

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. .....................

Its Only Rock N Roll's picture

The Fed is in complete disarray, they do not know what to do

eclectic syncretist's picture

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.

Cosmicserpent's picture

The Fed is composed of complete circle jerking tools. And yes, they are trapped in a box.

DeadFred's picture

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.

JP McManus's picture

Bank of Tidewater - Gone?

SouthTrust - bought by Wachovia

Wachovia - Imploded, bought by WFC

TowneBank - Exited TARP in 5/2013

Fed - ???

Ray745's picture

Who replaces her?

gmrpeabody's picture

"Who replaces her?"

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

Agent P's picture

Not in my book.

Gunga...gunga galunga.

WonderDawg's picture

Got a pool, and a pond. Pond'll be good for you.

RiverDrifter's picture

Herman Cain will bring pizzas and NINE, NINE, NINE to the table....a hard package for even Bernank to turn down.  

Dollar Bill Hiccup's picture

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.

eatthebanksters's picture

Jesse Jackson Jr. has proven money management skills!

MsCreant's picture

How about Solyndra's Brian Harrison? Reverse Perverse Diversity.

gmrpeabody's picture

How about Cramer...?

He just wants to make money...

rqb1's picture

How about Abby Joseph Cohen?

She'll make Ben look good in compairson. 

Taffy Lewis's picture

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.”



Cosmicserpent's picture

Reggie Middleton! Now he could give some entertaining speeches.

MeelionDollerBogus's picture

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

Temporalist's picture

Them Duke boys never meanin' no harm.


eatthebanksters's picture

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...

JP McManus's picture

"It was the Dukes, it was the Dukes!"

KickIce's picture

Now we just need Valentine and Winthorpe to take down the Duke brothers.

Agent P's picture

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!

Skin666's picture

And where the hell is Beaks?!

MsCreant's picture

Editing error:

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