Meet The New Head Of The New York Fed's Plunge Protection Team

Tyler Durden's picture




 

Brian Sack, whom we have all grown to love and loathe, and whose mysterious Citadel trade tickets seemingly out of nowhere have prevented financial meltdowns on more than one occasion, may be leaving us next Friday, but that does not mean the Plunge Protection Team will remain headless. Meet Brian's replacement: Simon Potter, who before joining the NY Fed was... assistant professor of economics at UCLA, Johns Hopkins University, New York University and Princeton University and who " has written extensively on nonlinear dynamics over the business cycles. Recent topics have included forecasting the probability of recession, large panel forecasting models, modeling structural change and inflation expectations." So now we have a Keynesian economics professor with an expertise in "modeling inflation expectations" in charge of the S&P. Swell.

From the NY Fed:

The Federal Reserve Bank of New York announced today that Simon M. Potter, executive vice president and co-head of the Research and Statistics Group, has been named the new head of the Markets Group by New York Fed President William C. Dudley. The Federal Open Market Committee (FOMC) also selected Mr. Potter as Manager of the System Open Market Account (SOMA). Mr. Potter will begin his new roles on June 30, 2012. He succeeds Brian P. Sack, who steps down on June 29, 2012.

 

Mr. Potter’s selection comes after a comprehensive search process that considered a large slate of potential internal and external candidates with a wide range of experiences and backgrounds.

 

“Simon is a trusted colleague with deep expertise in macroeconomics, financial stability and financial markets, and a reputation for candor and objectivity. His analytical strength and practical experience will prove invaluable as he steps into this new role,” said Mr. Dudley.

 

Mr. Potter currently serves as director of economic research at the New York Fed. He is also the FOMC representative for the Research and Statistics Group, where he leads analytical work related to forecasting and monetary policy and leads FOMC briefings and preparation. Mr. Potter has played a prominent role in the New York Fed’s financial stability efforts, including contributing to the design of the 2009 U.S. bank stress tests and as a member of the international Macroeconomic Assessment Group that supported the Basel Committee’s work to strengthen bank capital standards. Mr. Potter was also a key contributor to the 2011 Financial Stability Oversight Council’s Annual Report on Financial Stability, its first annual report.

 

Mr. Potter, 51, has been at the New York Fed for 14 years. Prior to joining the Bank, Mr. Potter was assistant professor of economics at the University of California, Los Angeles. He holds a bachelor’s degree and a master’s degree from Oxford University, United Kingdom, and a doctorate in economics from the University of Wisconsin.

 

James J. McAndrews, executive vice president, will assume sole leadership of the Research and Statistics Group, and has been appointed associate economist of the FOMC.

And Simon's bio:

Simon M. PotterSimon M. Potter is an executive vice president, director of economic research and co-head of the Research and Statistics Group at the Federal Reserve Bank of New York. He also serves as an associate economist for the Federal Open Market Committee (FOMC).

Mr. Potter is responsible for constructing analytical tools for economic forecasting and monetary policy analysis, and leading FOMC briefings and preparation for the Bank president. Mr. Potter has played a prominent role in the New York Fed’s financial stability efforts, including contributing to the design of the Supervisory Capital Assessment Program and as a member of the Bank for International Settlements Macroeconomic Assessment Group that supported the Basel Committee’s work to strengthen bank capital standards. Mr. Potter also managed the team producing the first Financial Stability Oversight Council Annual Report on Financial Stability.

Before being named executive vice president in January 2010, Mr. Potter served as a senior vice president in the domestic research function. He joined the Bank in June 1998 as an economist and was named an officer of the New York Fed in January 2004. From April 2011 through July 2011, Mr. Potter worked at the Financial Stability Oversight Council.

Prior to joining the Bank, Mr. Potter was an assistant professor of economics at UCLA. He has also taught at Johns Hopkins University, New York University and Princeton University. His main research area is applied time series analysis using Bayesian methods. He has written extensively on nonlinear dynamics over the business cycles. Recent topics have included forecasting the probability of recession, large panel forecasting models, modeling structural change and inflation expectations.

Mr. Potter holds a bachelor’s degree and a master’s degree from Oxford University, United Kingdom, and a doctorate from the University of Wisconsin.

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Thu, 06/21/2012 - 13:35 | 2547856 RacerX
RacerX's picture

This is like a cinderblock life preserver, no?

Thu, 06/21/2012 - 13:36 | 2547859 Pladizow
Pladizow's picture

He'll need Dumbledorf or Bumblefuck to fix these problems!

Thu, 06/21/2012 - 13:43 | 2547875 Popo
Popo's picture

This guy wasn't even a full professor.  Perhaps it's getting hard to find fully-accredited soulless-traitors who are willing to throw their countrymen under the bus for the good of the cartel.

 

Thu, 06/21/2012 - 13:44 | 2547914 mcguire
mcguire's picture

its worse... this golum has been hanging out in the Fed dungeouns since 1998...

Thu, 06/21/2012 - 13:51 | 2547935 hedgeless_horseman
hedgeless_horseman's picture

 

 

From the Pound & Pence last night...

 

Tyler Durden: And you must be Potter. Look, darling, Simon Potter. The deadliest bidder since Wild Brian Sack, they say. What do you think, darling? Should I hate him?
 
Marla: You don't even know him.
 
Tyler Durden Yes, but there's just something about him. Something around the eyes, I don't know, reminds me of... me. No. I'm sure of it, I hate him.

hedgeless_horseman: [to Potter] He's drunk.

Tyler Durden: In vino veritas.
["In wine is truth" meaning: "When I'm drinking, I speak my mind"]

Simon Potter: Age quod agis.
["Do what you do" meaning: "Do what you do best"]

Tyler Durden: Credat Judaeus apella, non ego.
["The Jew Apella may believe it, not I" meaning: "I don't believe drinking is what I do best."]

Simon Potter: [fondels his iPAD's <GO> key] Eventus stultorum magister.
["Events are the teachers of fools" meaning: "Fools have to learn by experience"]

Tyler Durden: [gives a Cheshire cat smile] In pace requiescat.
["Rest in peace" meaning: "It's your funeral!"]

Sheila Bair: Come on boys. We don't want any trouble in here. Not in any language.

Tyler Durden: Evidently Mr. Potter is an educated man. Now I really hate him.

Thu, 06/21/2012 - 13:53 | 2547966 VulpisVulpis
VulpisVulpis's picture

Wow, Tombstone. Big ups to you, sir.

Thu, 06/21/2012 - 14:14 | 2548062 Bicycle Repairman
Bicycle Repairman's picture

Simon Potter's great-grandfather is one Henry F. Potter.  Learn more about him here:

http://en.wikipedia.org/wiki/Mr._Potter

Thu, 06/21/2012 - 14:56 | 2548204 Pure Evil
Pure Evil's picture

Are you sure he's not the guy that took over for Col. Blake on the TV series MASH?

Thu, 06/21/2012 - 18:52 | 2549048 RECISION
RECISION's picture

There has got to be a joke about Harry Potter and magical levitation in there somewhere...

Thu, 06/21/2012 - 13:54 | 2547968 Zaydac
Zaydac's picture

First time I've seen Marla's name for years. Perhaps I read the wrong threads.

Thu, 06/21/2012 - 14:12 | 2548054 derek_vineyard
derek_vineyard's picture

looks like a younger jerry sandusky

Thu, 06/21/2012 - 14:19 | 2548096 Bananamerican
Bananamerican's picture

golden showers

Thu, 06/21/2012 - 14:23 | 2548107 slewie the pi-rat
slewie the pi-rat's picture

no, it is b/c anyone who looked at your account and your posting would immediately see you are mrPhoneyBaloney

Thu, 06/21/2012 - 14:54 | 2548174 The Big Ching-aso
The Big Ching-aso's picture

 

 

Real big ears.  Should at least B useful 4 something in banking, stk market, etc.

Thu, 06/21/2012 - 15:34 | 2548378 slewie the pi-rat
slewie the pi-rat's picture

it would not s'prise slewie if the guy i was addressing has a political agenda-reason for flattering the site and the poster in such an obsequious manner  (hint:  mittens supporter);  but that is only my uneducated early guess...

Thu, 06/21/2012 - 15:37 | 2548389 TrainWreck1
TrainWreck1's picture

The better for Lloyd to grab him with.

Now if his head was a touch flatter, there would be a place to balance a Krug Clos Du Mesnil, whilst being serviced.

Thu, 06/21/2012 - 15:31 | 2548344 exartizo
exartizo's picture

Dulcis. Ego revera sicut Latine!

Nicely put together. The subtle nuances of the piece are very interesting. Much more than meets the eye.

Cheers.

Thu, 06/21/2012 - 13:49 | 2547944 ZerOhead
ZerOhead's picture

It was never about accredation... Dudley says it all...

“Simon is a trusted colleague..."

Thu, 06/21/2012 - 14:09 | 2548040 prains
prains's picture

incredibly large foreheads are very trustworthy features

Thu, 06/21/2012 - 14:21 | 2548103 Translational Lift
Translational Lift's picture

Perfect Fed lackey......

Thu, 06/21/2012 - 14:57 | 2548200 The Big Ching-aso
The Big Ching-aso's picture

 

 

Man, he looks older than 51.   Must be the stresses of crony revolving door academia.

Thu, 06/21/2012 - 15:02 | 2548225 Carl Spackler
Carl Spackler's picture

"Recent topics have included forecasting the probability of recession, large panel forecasting models, modeling structural change and inflation expectations."

Let's see here, forecasting the probability of recession, large panel models, and modeling inflation expectations... so how's that been working out for you?

Yeah, nobody has ever figured those questions out either (and as we all know from our research, aggregate demand really only has a 0.4 correlation coefficient when compared with the magniutude of stimulus- Ha, Ha, Ha), but the muppets will never figure that out... HIRED !

Let me take you over to our Maiden Lane Faculty Lounge, so you can meet the guys.

 

Thu, 06/21/2012 - 14:20 | 2548097 Kaiser Sousa
Kaiser Sousa's picture

Well, FUCK HIM TOO...
fuck all bankers and their bitch owned politicians...
Silver is on sale biatches!!!!!

Thu, 06/21/2012 - 18:58 | 2549057 DosZap
DosZap's picture

This guy wasn't even a full professor

Neither is Obiewan

Thu, 06/21/2012 - 14:04 | 2548013 vast-dom
vast-dom's picture

 so much for "Inflation targeting is illegal according to theFederal Reserve’s mandate.  Stable prices means no increase, not an intentional 3% rise. " Etc etc etc

Thu, 06/21/2012 - 15:12 | 2548294 Antifaschistische
Antifaschistische's picture

It should not be called inflation targetting.   It should be called counterfeiting restraint.  All counterfeiters know that too much blows their cover.   Just enough and the serfs don't know the difference they just wake up wondering why gasoline costs so much and blame it on some cave dwelling terrorist.   In the meantime back in Hawaii, Larry Ellison (a key beneficiary of cheap counterfeited credit) buys Lanai.  Sorry native Hawaiians, you weren't part of the counterfeiting first spender scheme.

Thu, 06/21/2012 - 13:41 | 2547867 Jay Gould Esq.
Thu, 06/21/2012 - 13:38 | 2547883 slaughterer
slaughterer's picture

All this dude needs to know is how to hit the "BUY" button next to the porn screen.  Forget the academic qualifications.

Thu, 06/21/2012 - 13:56 | 2547984 slaughterer
slaughterer's picture

C'mon Simon, make us close GREEN today.  I dare you!

Thu, 06/21/2012 - 15:37 | 2548397 battle axe
battle axe's picture

Christ, another academic, oh well, we are screwed.....

Thu, 06/21/2012 - 13:36 | 2547861 NotApplicable
NotApplicable's picture

"deep expertise in macroeconomics"

Too bad he has no experience in anything reality related.

Thu, 06/21/2012 - 13:41 | 2547878 Comay Mierda
Comay Mierda's picture

anyone with "deep expertise in macroeconomics" would shut the fed down

instead, the keynesian academic brainwashing has caused tools like this guy to forget basic math and that there is NEVER enough FRNs in existence to pay off all debt plus interest in the economy, therefore putting a death sentence on the value of the fiat currency from the start

Thu, 06/21/2012 - 13:42 | 2547896 NotApplicable
NotApplicable's picture

Well, it certainly is an out of bounds "aggregate" in desperate need of attention.

Thu, 06/21/2012 - 13:42 | 2547899 Papasmurf
Papasmurf's picture

"deep understanding of macroeconomics" is a contradiction of terms.

Thu, 06/21/2012 - 20:24 | 2549310 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

These economists/academics remind me of the space shuttle engineers. All fucking certain of their little calculations, creating this ungodly huge machine, until a little O-Ring goes and tells the truth.

ZH is like the geeky little engineer back in the corner trying to point out that the seal is gonna fail and then...Ka-Boom. Sometimes it sucks being right.

Thu, 06/21/2012 - 14:21 | 2548101 Arnold Ziffel
Arnold Ziffel's picture

wait a sec, let me slip on my 'thingamajigs"...just a moment....

Thu, 06/21/2012 - 13:36 | 2547862 TheDarkKnight
TheDarkKnight's picture

'Mr. Potter' better have some magic up his sleeve or something

Thu, 06/21/2012 - 13:38 | 2547882 Sudden Debt
Sudden Debt's picture

950 DVD porn collections!
HE'S JACKOFF NUMBER ONE!!!

Thu, 06/21/2012 - 14:14 | 2548065 derek_vineyard
derek_vineyard's picture

its worse......his collection is chart porn

Thu, 06/21/2012 - 14:17 | 2548079 magpie
magpie's picture

...which makes it right to use TA on porn pron, doesn't it ?

Thu, 06/21/2012 - 13:36 | 2547866 mrktwtch2
mrktwtch2's picture

great another academic..with no skin in the game..hopefully mittens will get in and appoint some buisness people..

Thu, 06/21/2012 - 15:15 | 2548304 ITrustMyGut
ITrustMyGut's picture

that was /sarc... right?

right?????

*mumbles and lights the bo.... fuse*

Thu, 06/21/2012 - 13:37 | 2547871 Sudden Debt
Sudden Debt's picture

THrow him of the freedom tower and see how he plunges!
If he's okay, he can have the job.

Thu, 06/21/2012 - 13:42 | 2547894 nonclaim
nonclaim's picture

Hmm, interesting concept the "freedom tower"...

If you survive the fall you are free to go.

Thu, 06/21/2012 - 13:48 | 2547941 Sudden Debt
Sudden Debt's picture

Or get a all the bailout money you need if your a TBTF!

Thu, 06/21/2012 - 13:41 | 2547873 Cognitive Dissonance
Cognitive Dissonance's picture

Looks like a nice enough guy. Give him a chance boys and girls. I'm sure he means well.

/sarc

Meet the new boss. Same as the old boss.

Thu, 06/21/2012 - 15:54 | 2548476 rambo1028
rambo1028's picture

Meet the new boss....took the words right outta my mouth CD!

Thu, 06/21/2012 - 13:39 | 2547884 the not so migh...
the not so mighty maximiza's picture

He has the face of a plunger

Thu, 06/21/2012 - 13:43 | 2547902 NotApplicable
NotApplicable's picture

I was thinking more along the lines of "Mad Men." Looks like a holdover from the era.

I bet he sounds like Joe Friday.

Thu, 06/21/2012 - 13:55 | 2547982 Whoa Dammit
Whoa Dammit's picture

I just hope he doesn't decide to model swimsuits. My eyes would never recover.

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