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Meet The New York Fed's Latest Director: The Ex-CEO Of Another Bailed Out Bank

Tyler Durden's picture




 

The Federal Reserve was supposed to serve the nation, however as even Bloomberg observes today, ended up "steamrolling" Main Street. One reason why: directors such as this one.

Presenting former Morgan Stanley CEO, James Gorman, whose former employer got a $107 billion loan from the Federal Reserve to avoid implosion:

The Federal Reserve Bank of New York announced that James P. Gorman, chairman and chief executive officer of Morgan Stanley, has been elected a Class A director representing Group 1, which consists of member banks with capital and surplus of more than $1 billion. Mr. Gorman will serve a three-year term beginning January 1, 2016.

 

Mr. Gorman has been chief executive officer of Morgan Stanley since January 2010, and chairman since January 2012. Previously, he was co-president of the firm, which he joined in February 2006.

 

Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this he was a senior partner of McKinsey & Co. and began his career as an attorney in Melbourne, Australia.

 

Mr. Gorman serves as a member of the Federal Advisory Council to the Federal Reserve Board of Governors and as co-chairman of the Partnership for New York City. He is also a member of the Board of Overseers of the Columbia Business School, the Board of the Institute of International Finance, the Monetary Authority of Singapore International Advisory Panel, the Council on Foreign Relations, and the Economic Club of New York. He formerly co-chaired the Business Committee of the Metropolitan Museum of Art and was on the Board of the Securities Industry and Financial Markets Association in Washington, D.C., serving as Chairman in 2006.
 
Mr. Gorman holds a bachelor's degree and law degree from the University of Melbourne, and an MBA from Columbia University

Don't worry "Main Street" - the scandal-ridden NY Fed which recently fined Goldman Sachs $50 million for consistently getting confidential inside information (the same NY Fed which is under the control of former Goldman Sachs economist Bill Dudley, that is) assures everyone that Mr. Gorman will first and foremost look after your interests, and not anyone else's.

Curious who else is on the Fed's board: the latest org chart is shown here.

 

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Mon, 11/02/2015 - 15:02 | 6740407 firstdivision
firstdivision's picture

Your tax lollars at work bitches.  http://foxtrotalpha.jalopnik.com/the-u-s-govt-spent-43-million-on-a-gas-station-that-s-1740025370

 

Well whom is better to run a state that is bankrupt and needs to hide it, than someone that ran a bankrupt corporation and  hide it as long as he could.

Mon, 11/02/2015 - 15:05 | 6740418 hedgeless_horseman
hedgeless_horseman's picture

 

 

Hooray.  Another jew.

Mon, 11/02/2015 - 15:13 | 6740462 Lucky Leprachaun
Lucky Leprachaun's picture

I was wondering about that but assumed the name was O'Gorman without the 'O'. And that's as Irish as they get. If an Irish guy got appointed to Fed there must be some mistake.

Mon, 11/02/2015 - 15:49 | 6740610 Colonel Klink
Colonel Klink's picture

Yep!  It's as if it's one big club.
James P. Gorman(Ashkenazi Jew) – President and Chief Executive Officer
http://www.morganstanley.com/about/company/governance/board.html

Mon, 11/02/2015 - 22:31 | 6742472 Majestic12
Majestic12's picture

"Hooray. Another jew."

Why is any of this surprising from "Hymietown"?

Hymietown...don't let me down...

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

Mon, 11/02/2015 - 15:01 | 6740414 Ignatius
Ignatius's picture

"Meet The New York Fed's Latest Director: The Ex-CEO Of Another Bailed Out Bank"

In other words, he's perfect!

Mon, 11/02/2015 - 15:09 | 6740445 villainvomit
villainvomit's picture

YES !

 

I feel so much better /sarc

Mon, 11/02/2015 - 15:12 | 6740428 Dr. Engali
Dr. Engali's picture

We are very fortunate to have such self sacrificing people such as the Honorable Mr. Gorman working in places of high offices serving our great county. I hope that he is compensated fairly for his exceptionalism, and treated with the respect and dignity he deserves.

 

 

Anybody have a rope?

Mon, 11/02/2015 - 15:05 | 6740430 Kaiser Sousa
Kaiser Sousa's picture

"in your face Ameridumbs..."

- The MoneyChangers -

Mon, 11/02/2015 - 15:07 | 6740434 Yen Cross
Yen Cross's picture

 The incestuous "revolving doors" in D.C. is beyond pathetic.

This, " I'll take it up the ass for you now, if you suck my cock after I get out of Camp Snoopy", insider toilet stall politicking has destroyed too many lives.

Mon, 11/02/2015 - 15:07 | 6740438 Crassus
Crassus's picture

Our next Secretary of the Treasury.

Mon, 11/02/2015 - 15:20 | 6740488 Bay of Pigs
Bay of Pigs's picture

Another reason for all Americans to be embarrassed by the President, Congress, SC, DOJ, FBI, SEC, and CFTC among others.

What a fuckan Clown Show.

 

Mon, 11/02/2015 - 15:23 | 6740499 Johnny Horscaulk
Johnny Horscaulk's picture

Reinstate Glass–Steagall.

Break up Goldman

End the Fed.

Mon, 11/02/2015 - 15:51 | 6740620 Colonel Klink
Colonel Klink's picture

Close, don't break them up.  Pull their license entirely!  Shut down the criminal organization.  Except world government and finance would collapse since their tentacles reach into the highest levels everywhere.

Mon, 11/02/2015 - 15:24 | 6740506 yogibear
yogibear's picture

LOL, Too Big To Fail is even larger now.

Super TARP this time.

Even larger rewards for the criminals thanks to the Federal Reserve. Partners in crime.

Mon, 11/02/2015 - 15:27 | 6740519 Jim Leyritz
Jim Leyritz's picture

Another Jew.

Mon, 11/02/2015 - 15:49 | 6740606 Infinite QE
Infinite QE's picture

hate to say this but Gorman could also be Irish. One of my fellow clansman corrupted by the fiat jewry.

 

Mon, 11/02/2015 - 18:17 | 6741260 monad
monad's picture

Hebrews aren't jews either.

Mon, 11/02/2015 - 15:34 | 6740551 Solio
Solio's picture

Words! HA!

And, you believed any of them!!

Mon, 11/02/2015 - 15:53 | 6740625 anachronism
anachronism's picture

Has everyone asked their Congressmen and Senators to vote an end to the Federal Reserve Bank yet?

Mon, 11/02/2015 - 16:12 | 6740702 Grimaldus
Grimaldus's picture

How much you wanna bet he is not a consitutional conservative?

 

My money says Gorman is as progressive as they come, al la Corzine.

 

 

Grimaldus

Mon, 11/02/2015 - 16:57 | 6740894 MasterOfTheMult...
MasterOfTheMultiverse's picture

$107 billion? According to latest hearings, Merrill, Morgan Stanley and Citi received closer to $6 trillion out of $12.8 trillion in total bank bailouts since 2007 [1,2].

1. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS89AaGjOplw&refe...

2. http://wallstreetonparade.com/2015/03/warren-citigroup-morgan-stanley-me...

Mon, 11/02/2015 - 17:06 | 6740949 surfvin
surfvin's picture

Gangland

Mon, 11/02/2015 - 17:42 | 6741111 gcjohns1971
gcjohns1971's picture

Just goes to show you that you cannot apply the laws of the free market to the managed market.

In the managed market nothing succeeds like failure.

Failure calls out all those things that socialists and bureaucrats love: money to fix the failure, employees to analyze the failure and improve the plan, and power ...because where incompetence is thickest more authority must surely, this time or next, transform the impossible into the workable.

Here's a lesson that applies to Army's and businesses:  Reinforce success sooner.  Fire failure faster.

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