Labor Leader Named Head of New York Fed

WSJ ^ | Aug 25, 2009 | JON HILSENRATH

[RDTF]

The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York's private-sector board of directors.

Columbia University President Lee Bollinger, shown in July, was named deputy chairman of the New York Fed. Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.

Mr. Friedman, a former Goldman Sachs Group Inc. chairman and adviser to President George W. Bush, had faced questions about his purchases of Goldman stock while serving on the New York Fed's board.

-snip-

[April Lexington]

Naming a journeyman electrician to head up the NY Fed is just a recognition of the singular importance of keeping the “print” button working...:

Ponder this.... The New York Fed....THE NEW YORK FED! Run by a union hack? WTF??????