Daniel K. Tarullo took office as a member of the Board of Governors of the Federal Reserve System on January 28, 2009, to fill an unexpired term ending January 31, 2022. He resigned on April 5, 2017. Before his appointment, Tarullo was professor of law at Georgetown University Law Center. Before joining the Georgetown law faculty, Tarullo held several senior positions in the Clinton administration. From 1993 to 1998, Tarullo served as assistant secretary of state for economic and business affairs, deputy assistant to the president for economic policy, and assistant to the president for international economic policy. He also served as a principal on both the National Economic Council and the National Security Council. From 1995 to 1998, Tarullo was President Bill Clinton’s personal representative to the G7/G8 group of industrialized nations. Tarullo graduated from Georgetown University (BA) and from Duke University (MA). Tarullo received his law degree (summa cum laude) from the University of Michigan Law School.
Robert Edward Rubin is an American retired banking executive, lawyer, and former cabinet member. He served as the 70th United States Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs. During the Clinton administration, Rubin oversaw the loosening of financial industry underwriting guidelines. His most post-government role was as director and senior counselor of Citigroup, where he performed advisory and representational roles for the firm and resigned from the company on January 9, 2009. He received more than $126 million in cash and stock during his tenure at Citigroup, up through and including Citigroup’s bailout by the U.S. Treasury. Additionally, Rubin serves as counselor at Centerview Partners, an investment banking advisory firm based in New York City.
Timothy Franz Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City. At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group. Geithner graduated from Dartmouth College (BA) and Johns Hopkins University (MA).
Lael Brainard took office as a member of the Board of Governors of the Federal Reserve System on June 16, 2014, to fill an unexpired term ending January 31, 2026. Prior to her appointment to the Board, Dr. Brainard served as Under Secretary of the U.S. Department of the Treasury from 2010 to 2013 and counselor to the Secretary of the Treasury in 2009. During this time, she was the U.S. representative to the G-20 Finance Deputies and G-7 Deputies and was a member of the Financial Stability Board. From 2001 to 2008, Dr. Brainard was vice president and the founding director of the Global Economy and Development Program and held the Bernard L. Schwartz Chair at the Brookings Institution. She served as the deputy national economic adviser and deputy assistant to President Clinton. She also served as President Clinton’s personal representative to the G-7/G-8. Previously, Dr. Brainard worked in management consulting at McKinsey & Company. She received a BA from Wesleyan University in 1983. She received an MS and a PhD in economics in 1989 from Harvard University.
Glenn H. Hutchins is a member of the board of directors at the Federal Reserve Bank of New York. He is chairman of North Island and a co-founder of Silver Lake. He is a director of AT&T and of Virtu Financial, co-chairman of the Brookings Institution and CARE, and the Obama Foundation. He is also a member of the Investment Board of Singapore’s Government Investment Corporation. Previously, Hutchins served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy. He was also previously chairman of the board of SunGard Data Systems, Inc. and Instinet, Inc. and a director of Nasdaq, Inc. He was also a director of Harvard Management Company and co-chairman of Harvard University’s capital campaign. Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School.
Commodity Trade Mantra, 20 January 2014
The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.” Removed from market discipline, the banks became wards of the government requiring massive creation of new money by the Federal Reserve in order to support through the policy of Quantitative Easing the prices of financial instruments on the banks’ balance sheets and in order to finance at low interest rates trillion dollar federal budget deficits associated with the long recession caused by the financial crisis.
Rolling Stone, 4 August 2010
Cue the credits: the era of financial thuggery is officially over. Three hellish years of panic, all done and gone – the mass bankruptcies, midnight bailouts, shotgun mergers of dying megabanks, high-stakes SEC investigations, all capped by a legislative orgy in which industry lobbyists hurled more than $600 million at Congress. It all supposedly came to an end one Wednesday morning a few weeks back, when President Obama, flanked by hundreds of party flacks and congressional bigwigs, stepped up to the lectern at an extravagant ceremony to sign into law his sweeping new bill to clean up Wall Street.
DeepCapture, 19 January 2009
Bernard L. Madoff was once the chairman of the NASDAQ stock exchange. He was one of the most important market makers on Wall Street. And he managed what was, by some estimates, the largest hedge fund on the planet.
Yes, Bernard Madoff was an impressive man. That much was clear even before we learned that his $50 billion Ponzi scheme may have been orchestrated in cahoots with the most powerful, sophisticated, and indiscriminately murderous organized crime syndicate the world has ever known.
Eric D. Hovde
Washington Post via Wayback, 21 September 2008
Looking for someone to blame for the shambles in U.S. financial markets? As someone who owns both an investment bank and commercial banks, and also runs a hedge fund, I have sat front and center and watched as this mess unfolded. And in my view, there’s no need to look beyond Wall Street — and the halls of power in Washington. The former has created the nightmare by chasing obscene profits, and the latter have allowed it to spread by not practicing the oversight that is the federal government’s responsibility.