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The Dallas Fed's New President Was Until Recently A Vice-Chairman Of This FDIC Insured Hedge Fund
Define regulatory capture.
Now that Richard Fisher has been put out to pasture (and by “put out to pasture” we actually mean “works for Barclays”), the Dallas Fed needed a new President. Of course when you’re looking around for possible Fed officials one place you want to check is the pool of former Wall Street investment bankers because after all, we have to keep the revolving door spinning.
With that in mind, we present the new President of the Dallas Fed, Harvard professor Robert S. Kaplan who until 2006 was vice chairman of none other than Goldman Sachs. Here's the press release from the Fed:
The Federal Reserve Bank of Dallas today announced the appointment of Robert Steven Kaplan as president and chief executive officer. In this role, Kaplan will represent the Eleventh Federal Reserve District on the Federal Open Market Committee in the formulation of U.S. monetary policy and will oversee the 1,200 employees of the Dallas Fed.
His appointment is effective September 8, 2015.
Kaplan, 58, is the Martin Marshall Professor of Management Practice and a Senior Associate Dean at Harvard Business School. He is also co-chairman of the Draper Richards Kaplan Foundation, a global venture philanthropy firm that invests in developing non-profit enterprises dedicated to addressing social issues.
Kaplan was appointed by eligible members of the Dallas Fed board of directors and approved by the Board of Governors of the Federal Reserve System. He succeeds Richard W. Fisher, who retired from the Dallas Fed in March 2015.
“The Bank’s search committee considered a broad pool of excellent candidates to ensure we met our goal of finding someone who has a deep understanding of the economy, financial system and monetary policy—yet who also sincerely appreciates the impact decisions made by the Federal Reserve have on people from all walks of life,” said Dallas Fed board chair Renu Khator, chancellor of the University of Houston.
“I believe we found that person in Robert Steven Kaplan. He has had distinguished careers in business and academia, and has the right combination of leadership skills, business experience and public-service mindset. Rob is committed to improving the economy for all Americans.”
Khator acknowledged the contributions of board members Matthew Rose, BNSF Railway Company executive chairman, and Ann Stern, Houston Endowment Inc. president and CEO, who led the Dallas Fed’s search committee.
“I’m honored to be serving the people of the Eleventh Federal Reserve District and the nation as president of the Dallas Fed,” said Kaplan. “I look forward to working with the superb professionals of this Bank and throughout the Federal Reserve System in their vital service to the District and the country.”
Prior to joining Harvard in 2006, Kaplan was vice chairman of The Goldman Sachs Group, Inc. with global responsibility for the firm's Investment Banking and Investment Management Divisions. Previously, he served as global co-head of the Investment Banking Division. He was also a member of the firm’s Management Committee and served as co-chairman of the firm’s Partnership Committee and chairman of the Goldman Sachs Pine Street Leadership Program.
Upon leaving the firm in 2006, he was given the honorary title of senior director.
Kaplan is the author of several books, including What You Really Need to Lead: The Power of Thinking and Acting Like an Owner; What You're Really Meant To Do: A Road Map for Reaching Your Unique Potential; and What to Ask the Person in the Mirror: Critical Questions for Becoming a More Effective Leader and Reaching Your Potential.
Kaplan serves on the boards of State Street Corporation, Harvard Management Company and Heidrick & Struggles International, Inc. He is also a trustee of the Ford Foundation, founder and co-chairman of the TEAK Fellowship, co-founder and chairman of Indaba Capital Management, LP and chairman of the Investment Advisory Committee at Google, Inc. He will step down from these positions before assuming his responsibilities at the Dallas Fed.
He will continue to serve as co-chairman of Project A.L.S., on the board of Harvard Medical School and as co-chairman of the Draper Richards Kaplan Foundation.
Kaplan previously served on the board of Bed, Bath & Beyond, Inc. and was appointed by the Governor of Kansas as a member of the Kansas Healthcare Policy Authority Board. He also served as a member of the Investors Advisory Committee on Financial Markets of the Federal Reserve Bank of New York.
Born and raised in Prairie Village, Kansas, Kaplan received a bachelor’s degree in business administration from the University of Kansas and a master’s degree in business administration from Harvard Business School.
The Dallas Fed serves the Eleventh Federal Reserve District, which encompasses Texas, northern Louisiana and southern New Mexico. As part of the nation’s central banking system, the Dallas Fed participates in setting monetary policy, supervises and regulates numerous financial institutions, and provides financial services to depository institutions and the U.S. government.
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The Dallas FED has been going off the rails for awhile, now they can move on to the train wreck.......
Not sure Tyler understands how Federal Reserve regional presidents are selected........
Not really "regulatory capture" when it's setup from the beginning to be a club of insiders, nominated and voted on by the very people it is supposed to oversee.
Kind of like the inmates getting to nominate and elect the warden from a group of their friends and (cough) colleagues
Without cheating, Jew?
Not a Jew?
So another failed gvt, great.
How's that move from Boston to Dallas working out Professor? I hope you like Steak.
You can be sure he doesn't like Ham.
I did Nazi that coming. Did Jew?
Dear Old George Carlin - "Its a Big Club and you ain't in it"
"You Have owners"
Ron Paul - "The United States Is About To Collapse"
https://www.youtube.com/watch?v=FebGaCyNhys
Latteral move within the company.
Is Goldman an internship for the Fed or is the Fed an internship for Goldman? I'm cornfused.
FDIC the Socializing force entity that people call safety. Devalue the currency by 50% +to insure deposits? Insure deposits.......hmmmm.
RIPS
Insure deposits sure sound good. So how much to insure that giant pile of bullshit over there?
Bend over and let me rip out your innerds, that's how much.
FDIC.....when SHTF, you may get 50 cents on the dollar for your deposits up to 250k. after that, your money has vanished like a fart in the wind. welcome to Pottersville.
Bail-ins as far as the eye can see and 50 cents is pretty optimistic.......
This stuffs made in new york city. New Yourk City!!!!
gitta rope....
RIPS
They can change the rules anyting they want, usuall late Friday afternoon.
Kaplan hey, well that's a good WASP name right? Right?
It's incredible. Just imagine that Girls Scouts were always Fed pResidents or chairman. Or all the players of '07-'08 were Girl Scouts.
Banking to Government to Higher Education to MSM to Banking to Government to High Education to MSM to..........
GS must always have a seat at the table.
Unfortunately, we're on the menu.
FDIC-another Shylock-couldn't cover 3% of what is insured.
As if we needed more proof that the Vampire Squid owns the Fed.
I saw a comment about this earlier that I am going to steal
"Why not just run for President Mr. Kaplan?
Oh wait...that would be a demotion."
-Roland Deschain
LOLOL.
What happens when you remove that sacred "firewall" between non-speculative and speculative banks and allow them to merge as one!
Thank you Larry Summers!!!
look at those impressive credentials...he must know shit-loads of imortant things.
Interesting that if one took all the credentials of all the assholes who got us where we are today,
Awesome. A Goldman-ite AND a Harvard Professor. That's like hitting the asshole lottery, TWICE! What's better than a Double Asshole? Why, A TRIPLE ASSHOLE! This is truly rare. A Goldman-ite, Harvard Prof, AND a FED President!
What's next, you gonna tell me he worked for Barclays AND was a motivational speaker?
Because he has the experience needed to represent the interests of the Texas economy, ag and energy? A guy who lived most of his professional life in NYC and then moved to Boston!? You would think that this would cause a stir at the country club in Austin, and rile up the lunch crowd in Houston. The fact that it doesn't is the interesting part.
That dynamic used to be called:
'Git a rope''...
Cut him some slack! He did teach a highschool class of NY booboos back in the 80's remember?...retards, spics, wops etc. called themselves the 'sweathogs' they did......Oh wait, that was Gabe Kaplan... nevermind...proceed..
clade7 --- after sitting in poker game with Gabe; i say he would have been the better choice
Brilliant, just brilliant!
It would have been more of a surprise, if he hadn't been.
another GS spy in the Fed. GS does not know how to make money the legal way.
Fed is a subdivision of GS
While we're on that subject:
Notable former employees of Goldman Sachs:
Surely one of those "My dad owns your dad" type situations. Knowing that Blankfein is strictly a puppet, it'd be interesting to know who really runs Goldman-Sachs. But I don't want to know. I don't like nail-guns.
Purely coincidental
Oh, no, you mean I need to be shocked and appalled AGAIN?
Or, maybe Goldman Sachs is just such a horrible place to work. I mean, why do people keep leaving the firm?
god's work - same reason as mormons
Interesting that whenever someone claims "to be doing god's work," how much lyin' and stealin' goes on to pilfer money from people who actually labor to create wealth from raw materials and then concentrate it into a few hands. Simply look at the headquarters of any organized religion or large corporation.
To spread out and extent the tentacles of the giant squid.
another maggot at the fed? :shocked expression:
oh noes oh noes omg omg lolololololol
Putin we need help buddy. We're being attacked by the NWO.
Guillotine the Fed. Audit the heads.
Liberty is a demand. Tyranny is submission..
GS is the primordial ooze from which all central bankers emerge
And the problem is?
GoldmanSachs and the banking cartel(ie Rothschild, Rockefeller, et al ) OWN the fucking Fed.
As in Shareholders of the Corporation.
They are just sending an employee to another branch office.
Yes but GS is a bank now so that makes it alright then....
"Prior to joining Harvard in 2006, Kaplan was vice chairman of The Goldman Sachs Group, Inc"
"The Dallas Fed serves..." Goldman Sachs.
Mr. Kaplan's primary responsibility as chair of the dallas fed will be to give a heads-up to his former employer of any impending implosion of value in any of their various energy investments, given the currently precarious nature of the industry. As such, he will enable the shifting of appropriate levers within the fed to protect such investments, as was done in the previous meltdown. Any questions?