This page has been archived and commenting is disabled.

The Dallas Fed's New President Was Until Recently A Vice-Chairman Of This FDIC Insured Hedge Fund

Tyler Durden's picture




 

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.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 08/17/2015 - 13:05 | 6435961 KnuckleDragger-X
KnuckleDragger-X's picture

The Dallas FED has been going off the rails for awhile, now they can move on to the train wreck.......

Mon, 08/17/2015 - 13:16 | 6436011 Stackers
Stackers's picture

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

Mon, 08/17/2015 - 13:17 | 6436021 Tom Servo
Tom Servo's picture

Without cheating, Jew?

Not a Jew?

 

Mon, 08/17/2015 - 13:39 | 6436116 negative rates
negative rates's picture

So another failed gvt, great.

Mon, 08/17/2015 - 13:53 | 6436155 gafgroocK
gafgroocK's picture

 

 

How's that move from Boston to Dallas working out Professor? I hope you like Steak.

Mon, 08/17/2015 - 14:02 | 6436190 optimator
optimator's picture

You can be sure he doesn't like Ham.

Mon, 08/17/2015 - 15:47 | 6436632 SamAdams
SamAdams's picture

I did Nazi that coming.  Did Jew?

Mon, 08/17/2015 - 16:53 | 6436893 Mentaliusanything
Mentaliusanything's picture

Dear Old George Carlin - "Its a Big Club and you ain't in it"

"You Have owners"

 

Mon, 08/17/2015 - 13:31 | 6436082 Burt Gummer
Burt Gummer's picture

Ron Paul - "The United States Is About To Collapse"

https://www.youtube.com/watch?v=FebGaCyNhys

Mon, 08/17/2015 - 13:35 | 6436100 Hype Alert
Hype Alert's picture

Latteral move within the company.

Mon, 08/17/2015 - 14:14 | 6436245 PlayMoney
PlayMoney's picture

Is Goldman an internship for the Fed or is the Fed an internship for Goldman? I'm cornfused.

Mon, 08/17/2015 - 13:06 | 6435966 Deathrips
Deathrips's picture

FDIC the Socializing force entity that people call safety. Devalue the currency by 50% +to insure deposits? Insure deposits.......hmmmm.

 

RIPS

Mon, 08/17/2015 - 13:10 | 6435992 KnuckleDragger-X
KnuckleDragger-X's picture

Insure deposits sure sound good. So how much to insure that giant pile of bullshit over there?

Mon, 08/17/2015 - 13:41 | 6436125 negative rates
negative rates's picture

Bend over and let me rip out your innerds, that's how much.

Mon, 08/17/2015 - 13:16 | 6436017 101 years and c...
101 years and counting's picture

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.

 

Mon, 08/17/2015 - 13:21 | 6436041 KnuckleDragger-X
KnuckleDragger-X's picture

Bail-ins as far as the eye can see and 50 cents is pretty optimistic.......

Mon, 08/17/2015 - 13:39 | 6436117 Deathrips
Deathrips's picture

This stuffs made in new york city. New Yourk City!!!!

gitta rope....

 

RIPS

Mon, 08/17/2015 - 14:00 | 6436184 optimator
optimator's picture

They can change the rules anyting they want, usuall late Friday afternoon.

Mon, 08/17/2015 - 13:09 | 6435980 booboo
booboo's picture

Kaplan hey, well that's a good WASP name right? Right?

Mon, 08/17/2015 - 13:56 | 6436168 chunga
chunga's picture

It's incredible. Just imagine that Girls Scouts were always Fed pResidents or chairman. Or all the players of '07-'08 were Girl Scouts. 

Mon, 08/17/2015 - 13:09 | 6435981 Goggles Pisano
Goggles Pisano's picture

Banking to Government to Higher Education to MSM to Banking to Government to High Education to MSM to..........

Mon, 08/17/2015 - 13:09 | 6435982 ChargingHandle
ChargingHandle's picture

GS must always have a seat at the table.

Mon, 08/17/2015 - 14:24 | 6436297 GRDguy
GRDguy's picture

Unfortunately, we're on the menu.

Mon, 08/17/2015 - 13:10 | 6435987 TideFighter
TideFighter's picture

FDIC-another Shylock-couldn't cover 3% of what is insured. 

Mon, 08/17/2015 - 13:11 | 6435995 JustObserving
JustObserving's picture

As if we needed more proof that the Vampire Squid owns the Fed.

Mon, 08/17/2015 - 13:13 | 6436003 vq1
vq1's picture

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 

Mon, 08/17/2015 - 13:13 | 6436004 Chuck Knoblauch
Chuck Knoblauch's picture

LOLOL.

Mon, 08/17/2015 - 13:14 | 6436010 Son of Captain Nemo
Son of Captain Nemo's picture

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!!!

Mon, 08/17/2015 - 13:15 | 6436012 Shibumi2
Shibumi2's picture

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, 

Mon, 08/17/2015 - 13:15 | 6436014 madcows
madcows's picture

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?

Mon, 08/17/2015 - 13:16 | 6436015 sandhillexit
sandhillexit's picture

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.  

Mon, 08/17/2015 - 13:27 | 6436065 Consuelo
Consuelo's picture

 

That dynamic used to be called:

'Git a rope''...

Mon, 08/17/2015 - 13:21 | 6436038 clade7
clade7's picture

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..

Mon, 08/17/2015 - 13:27 | 6436067 bamawatson
bamawatson's picture

clade7 --- after sitting in poker game with Gabe; i say he would have been the better choice

Mon, 08/17/2015 - 13:25 | 6436058 ZippyBananaPants
ZippyBananaPants's picture

Brilliant, just brilliant!

Mon, 08/17/2015 - 13:25 | 6436060 Iam Yue2
Iam Yue2's picture

It would have been more of a surprise, if he hadn't been.

Mon, 08/17/2015 - 13:25 | 6436061 tttan
tttan's picture

another GS spy in the Fed. GS does not know how to make money the legal way.

Mon, 08/17/2015 - 13:38 | 6436111 oklaboy
oklaboy's picture

Fed is a subdivision of GS

Mon, 08/17/2015 - 13:25 | 6436062 Latitude25
Latitude25's picture

While we're on that subject:

Notable former employees of Goldman Sachs:

Mon, 08/17/2015 - 14:30 | 6436329 GRDguy
GRDguy's picture

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.

Mon, 08/17/2015 - 13:27 | 6436068 richiebaby
richiebaby's picture

Purely coincidental

Mon, 08/17/2015 - 13:31 | 6436080 Motorhead
Motorhead's picture

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?

Mon, 08/17/2015 - 13:42 | 6436131 buzzsaw99
buzzsaw99's picture

god's work - same reason as mormons

Mon, 08/17/2015 - 14:38 | 6436357 GRDguy
GRDguy's picture

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.

Mon, 08/17/2015 - 14:32 | 6436340 Joe A
Joe A's picture

To spread out and extent the tentacles of the giant squid.

Mon, 08/17/2015 - 13:39 | 6436120 buzzsaw99
buzzsaw99's picture

another maggot at the fed? :shocked expression:

oh noes oh noes omg omg lolololololol

Mon, 08/17/2015 - 13:51 | 6436150 q99x2
q99x2's picture

Putin we need help buddy. We're being attacked by the NWO.

Mon, 08/17/2015 - 13:59 | 6436180 kchrisc
kchrisc's picture

Guillotine the Fed. Audit the heads.

Liberty is a demand. Tyranny is submission..

Mon, 08/17/2015 - 14:22 | 6436283 markar
markar's picture

GS is the primordial ooze from which all central bankers emerge

Mon, 08/17/2015 - 14:22 | 6436284 samsara
samsara's picture

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.

Mon, 08/17/2015 - 14:28 | 6436320 Joe A
Joe A's picture

Yes but GS is a bank now so that makes it alright then....

Mon, 08/17/2015 - 14:46 | 6436396 moneybots
moneybots's picture

"Prior to joining Harvard in 2006, Kaplan was vice chairman of The Goldman Sachs Group, Inc"

 

"The Dallas Fed serves..."  Goldman Sachs.

Mon, 08/17/2015 - 18:08 | 6437098 matagorda
matagorda's picture

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?

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