This page has been archived and commenting is disabled.

Meet The Philly Fed's New President (No, He Didn't Work At Goldman)

Tyler Durden's picture




 

With Philly Fed's 10th president, Charles Plosser retiring effective March 1, 2015, algos were wondering if he would be replaced with another former Goldman partner, or if his seat would be filled with yet another academic. The answer, as the Philly Fed reported moments ago, is the latter.

Meet the new president of the Philly Fed: Patrick T. Harker, 56, currently president of the University of Delaware, former dean of the Wharton School at UPenn, and a member of the Philadelphia Fed's board of directors.

His career academic background: Harker has a Ph.D. in civil and urban engineering, a master's degree in economics, and an M.S.E. and B.S.E. in civil engineering from the University of Pennsylvania. Wait, so no econ PhD? There may be some hope yet...

It remains to be seen if Harker is a faux-hawk like his predecessor or a full-blown dove, even if it doesn't really matter in a world in which central banks will monetize more debt than issued.

From the Philly Fed:

The board of directors of the Federal Reserve Bank of Philadelphia today announced that Patrick T. Harker, 56, currently president of the University of Delaware and a member of the Philadelphia Fed's board of directors, has been named the 11th president and chief executive officer of the Philadelphia Fed, effective July 1, 2015. The appointment was jointly approved by eligible directors of the Philadelphia Fed's board of directors, all nonbankers by law, and the Board of Governors of the Federal Reserve System in Washington, D.C.

As president of the Philadelphia Fed, Harker will participate on the Federal Open Market Committee in the formulation of U.S. monetary policy and will oversee the 900 employees at the Philadelphia Fed.

Harker, who has served as a nonbanking Class B director of the Philadelphia Fed for the past three years, will succeed Charles I. Plosser, who retired effective March 1, 2015.

"We were fortunate to have an exceptional and wonderfully diverse slate of candidates and are delighted that Pat Harker emerged as the best person to serve as the next president and chief executive officer of the Federal Reserve Bank of Philadelphia," said James E. Nevels, chairman of the Philadelphia Fed's board of directors. "His deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board."

When asked about his new position, Harker replied, "As a lifelong native of the Third District, I am honored and excited to be asked to serve as the president and chief executive officer of the Federal Reserve Bank of Philadelphia. I look forward to working with the Bank's dedicated staff to continue the Philadelphia Fed's vital service to the District and the nation."

In addition to serving as president of the University of Delaware, Harker is also a professor of business administration in the university's Alfred Lerner College of Business and Economics and a professor of civil and environmental engineering in the university's College of Engineering.

Before joining the University of Delaware in July 2007, he was the dean of the Wharton School of the University of Pennsylvania and the Reliance Professor of Management and Private Enterprise. Before his appointment as dean in 2000, he was an interim dean and deputy dean, and he also acted as chair of the operations and information management department at Wharton.

In addition to his service on the Philadelphia Fed's board, Harker is on the board of directors of Pepco Holdings Inc., as well as the Huntsman Corp., and is a founding member of the board of advisors for Decision Lens, Inc. He is a member of the Regional Leadership Initiative Steering Committee at the Council on Competitiveness and a member of the Select Operating Committee of Select Greater Philadelphia.

Harker has a Ph.D. in civil and urban engineering, a master's degree in economics, and an M.S.E. and B.S.E. in civil engineering from the University of Pennsylvania.

When he was named UPS Transportation Professor of the Private Sector in 1991, Harker became the youngest faculty member in Wharton's history to be awarded an endowed professorship. Harker has published or edited nine books and has written more than 100 professional articles. From 1996-1999, he served as editor-in-chief of the premier journal Operations Research.

Harker also served as a White House Fellow in 1991, and he served from 1991-1992 as a special assistant to FBI Director William S. Sessions. He was named a Fellow of the Institute for Operations Research and the Management Sciences (INFORMS) in October 2012 and a Charter Fellow of the National Academy of Inventors in December 2012.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 03/02/2015 - 11:40 | 5845558 papa song
papa song's picture

Cue the patsys...

Mon, 03/02/2015 - 11:42 | 5845564 SethDealer
SethDealer's picture

If he didnt work at Goldman then how did he get the job??

Mon, 03/02/2015 - 11:46 | 5845585 NotApplicable
NotApplicable's picture

It doesn't look like he's ever had a real job before.

Mon, 03/02/2015 - 11:52 | 5845598 JRobby
JRobby's picture

He was a 1987 Land's End catalog model.

Then discovered that there is big $$$$ in FED STOCKED ACADEMIA

Mon, 03/02/2015 - 11:59 | 5845649 Stackers
Stackers's picture

Who better than a structural engineer to see just how high you can build a house of cards ?

Mon, 03/02/2015 - 13:01 | 5845904 Lostinfortwalton
Lostinfortwalton's picture

He does give off the vibe of a University of Alabama fraternity member bull-shit artist.

Mon, 03/02/2015 - 11:50 | 5845611 Ignatius
Ignatius's picture

On the contrary, what with all those letters behind his name he no doubt has a proven track record as a trustworthy lap dog.

Mon, 03/02/2015 - 11:54 | 5845626 cheech_wizard
cheech_wizard's picture

My thinking ran along those lines as well. 

Mon, 03/02/2015 - 12:58 | 5845894 Lostinfortwalton
Lostinfortwalton's picture

How could he? With all those degrees he hasn't had any time outside the classroom.

Mon, 03/02/2015 - 11:55 | 5845634 Niall Of The Ni...
Niall Of The Nine Hostages's picture

You didn't read the part about him being a "special assistant" to an FBI bigshot? He's CIA, obviously.

Mon, 03/02/2015 - 12:11 | 5845711 piratepiet
piratepiet's picture

Is it ( another ) sign the FED is a sinking ship ? 

Mon, 03/02/2015 - 12:18 | 5845737 Ghordius
Ghordius's picture

nah, for a Goldmanite, there is only one worthwhile FED: the leader of the pack, the handmaiden of the Treasury, the FED-for-Foreign-Affairs, the Mighty NY-FED

bonus items: the huge gold-filled basements and of course living in the Big Apple

the other FEDs? they missed their chance in 1933

Mon, 03/02/2015 - 14:54 | 5846292 piratepiet
piratepiet's picture

Why would you want to live in the Big Apple ?

Mon, 03/02/2015 - 12:50 | 5845858 giovanni_f
giovanni_f's picture

"If he didnt work at Goldman then how did he get the job??"

Answer: He will join GS after this job. Before or after, the order doesn't really matter. 

 

Mon, 03/02/2015 - 14:39 | 5846240 junction
junction's picture

Either he toes the line or he has an unfortunate nail gun accident.

Mon, 03/02/2015 - 11:41 | 5845563 JRobby
JRobby's picture

What a great picture.............

Mon, 03/02/2015 - 11:44 | 5845575 pods
pods's picture

I think we are about to see a "bit" of a bump.

This schmuck gets put front and center and Greenscam comes out talking about bubbles (as if they weren't HIS baby) and Bernanke is nowhere to be found it might be crash time.

pods

Mon, 03/02/2015 - 11:47 | 5845588 JRobby
JRobby's picture

Greenspan should hide. His ego will be his downfall. His contributions to the crisis can not be down played. They were a very large part of it.

Mon, 03/02/2015 - 11:53 | 5845623 NotApplicable
NotApplicable's picture

Downfall? I don't think you understand how history works. If you haven't noticed, Greenspin (et al.) are busy changing their story to fit the upcoming narrative, and just like with Keynes, there are conveniently things outside of his control to assign the blame to.

Long story short, all of his crimes will be praised as "we had to do something at the time, and without them, we'd never have arrived where we are today."

Besides, just like Nixon, he didn't do anything that wasn't required by the creation of the Fed in 1910.

You'll never live long enough to see him fall. Sainted, perhaps.

Mon, 03/02/2015 - 12:10 | 5845707 JRobby
JRobby's picture

1913

True. Until you change those who are writing history, it will continue to be written by the criminal racketeers.

Of course the replacements will either be corrupt or quickly corrupted.

Vicious cycle.

Mon, 03/02/2015 - 11:46 | 5845583 Der Wille Zur Macht
Der Wille Zur Macht's picture

Be wary. This man might view economics in the same way that he views mechanistic physics problems. If he accepts logical positivism as the proper realm of economics, there's no doubt that he will attempt to engineer economic woes out of existence with a top-down approach. 

Mon, 03/02/2015 - 11:47 | 5845591 NotApplicable
NotApplicable's picture

That was my first thought. This fucker might be tempted to urban engineer us all to death.

Mon, 03/02/2015 - 12:39 | 5845781 imapopulistnow
imapopulistnow's picture

Same reaction. Urban engineering? Awe fuck, we gotta linear thinker here....

Another clue-He is a prolific author. Usually one either writes well or maths well. Rarely does one do both well.

Mon, 03/02/2015 - 11:47 | 5845589 autofixer
autofixer's picture

PhD in Urban Engineering?  What's that in reality, social justice?  I think I'm seeing the elitist angle here.  Oh yes, Penn is not exaclty a "blue collar" school.  There must not have been a Goldman man with the required skill-set TPTB need for this stage of the game.   

Mon, 03/02/2015 - 11:49 | 5845603 SheepDog-One
SheepDog-One's picture

'There may be some hope yet'.....I'm not counting on it.

Mon, 03/02/2015 - 11:50 | 5845608 saints51
saints51's picture

Damn, satan even got to this chap.

Mon, 03/02/2015 - 11:54 | 5845627 Niall Of The Ni...
Niall Of The Nine Hostages's picture

You didn't see the part about his being a "special assistant" to an FBI man? He's CIA, of course.

Mon, 03/02/2015 - 11:54 | 5845631 toddf
toddf's picture

This guy was my neighbor for 15 years.  He moved down to Delaware from NJ a few years back.  He's a good guy with high morals.  It will be very interesting to see how this plays out.

Mon, 03/02/2015 - 12:12 | 5845719 Niall Of The Ni...
Niall Of The Nine Hostages's picture

Sorry, no. I'm sure he worked hard to get where he is today. He didn't get there by being a good guy with high morals.

In DC, SOP for good guys with high morals who are somehow allowed to get into a position to do real damage to the plans of the PTB is to liquidate them, promptly, before they have a chance to act on their high morals. The Edward Snowdens of the world are the exception, and Snowden's only alive today because he managed to flee the US one step ahead of the spooks, by what can only be judged as divine providence, and now lives in hiding under the protection of the Russian government.   

This guy's a psychopath. They all are. He fooled you, but pretending to be nice guys to get what they want from their pawns is a basic life skill for them. Trust me, he's long since forgotten your name---though you can bet your bottom silver dollar he remembers every single thing his loser neighbour in Jersey ever did to piss him off, because the only genuine emotion they have is murderous rage when they don't get what they want.

Mon, 03/02/2015 - 14:48 | 5846268 toddf
toddf's picture

You sound as though you have a great understanding of the psyche of a nut.

Mon, 03/02/2015 - 16:00 | 5846559 daveO
daveO's picture

Or this;

http://redefininggod.com/nwo-schedule-of-implementation/

and he's just one of the patsy's.

Mon, 03/02/2015 - 16:44 | 5846839 Monty Burns
Monty Burns's picture

"He didn't get there by being a good guy with high morals."

Actually I'd have thought those very characteristics would have been grounds for disqualification. That and not being Tribal.  Mmmm....

Mon, 03/02/2015 - 12:00 | 5845653 jdtexas
jdtexas's picture

No banker is safe from being "suicided" if the other psychopaths call for it ;)

Mon, 03/02/2015 - 12:05 | 5845688 rejected
rejected's picture

Can we just get rid of these bankers already...

Mon, 03/02/2015 - 12:29 | 5845787 sessinpo
sessinpo's picture

Central bankers, I wish. But local bankers, they do serve a purpose.

Mon, 03/02/2015 - 12:09 | 5845699 youngman
youngman's picture

He is pretty enough..he will get a lot of camera time...he will like that..

Mon, 03/02/2015 - 12:32 | 5845778 NuYawkFrankie
NuYawkFrankie's picture

He did not work at  Goldman??? This is OUTRAGEOUS!!!

What on earth is the Kosha Nostra thinking???

Mon, 03/02/2015 - 12:34 | 5845814 Colonel Klink
Colonel Klink's picture

Now works for the Fed?  FUCK HIM!

Mon, 03/02/2015 - 12:37 | 5845821 Falconsixone
Falconsixone's picture

 Delaware Destroyer Anyone?

Mon, 03/02/2015 - 12:53 | 5845859 Lostinfortwalton
Lostinfortwalton's picture

I hope he is OK. I worked at an airline where they brought in a Wharton MBA with no aviation experience to show us all how it was done; he lasted about four months.

Mon, 03/02/2015 - 12:52 | 5845867 Full Nelson
Full Nelson's picture

B-b-b-b-but how is he sposed to do Gawd's work if he's not from Goldmanstein?

Mon, 03/02/2015 - 13:40 | 5846042 SmittyinLA
SmittyinLA's picture

They will print, civil engineers love to build massive public works projects, soooo they will print!

Print and build our way out of problems.....just like the NAZIs tried.

Mon, 03/02/2015 - 13:56 | 5846101 highwaytoserfdom
highwaytoserfdom's picture

may be a termanal oppitimist http://www.nytimes.com/1993/07/20/us/defiant-fbi-chief-removed-from-job-... but working for Sessions forced out by Reno for going after the Citi Clinton cabal not necessarily a bad thing.  http://www.constitutionproject.org/bio/william-s-sessions/     I think the last 3 POTUS for war crimes and intelegence on the Brenton reboot might be in order...   Then again Bush  Hayden  at  CPAC

Mon, 03/02/2015 - 14:15 | 5846159 ArdentArgent
ArdentArgent's picture

Looks like this will add some diversity to the Fed. 

A parishioner of St. Thomas More Oratory in Newark, Dr. Harker and his wife, Emily Saaty Harker, have three children.

 

http://www.cdow.org/2012TributeDinner.pdf

Mon, 03/02/2015 - 16:24 | 5846696 optimator
optimator's picture

So, does this mean they're setting up guys to take the fall for them?

My Uncle John was a Civil engineer, but back in his days they called them janitors.

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