Article: Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Article - Media

Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Pam Martens and Russ Martens: March 3, 2021 ~ Wall Street on Parade

“Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.

“Those loans were made available at rock bottom interest rates – in many cases under 1 percent.”

Read full article.

Subject: Christopher D. Armstrong

Subject of Interest

Christopher D. Armstrong is a member of the executive committee at the Federal Reserve Bank of New York. He is executive vice president, Wholesale Product manager and head of the Financial Services Group at the Federal Reserve Bank of New York. He is also on the Bank’s Executive Committee.  Before joining the Bank, Armstrong worked at the Raytheon Company. Armstrong received his bachelor’s degree in mechanical engineering from Virginia Tech and his master’s degree in business administration from Bryant University.

Biography

Federal Reserve Bank of New York

Subject: Lacey Dingman

Subject of Interest

Lacey Dingman is a member of the executive committee at the Federal Reserve Bank of New York. Prior to joining the New York Fed, Dingman was the senior associate director, Division of Research and Statistics, at the Federal Reserve Board of Governors, where she was responsible for all operational and infrastructure aspects of the Division, including human capital strategy. Dingman has worked in the public sector organizations including the Commodity Futures Trading Commission, the Securities and Exchange Commission (SEC) and the Board. Dingman holds a Bachelor of Business Administration in accounting from the Henry Tippie School of Business at the University of Iowa.

Biography

Federal Reserve Bank of New York

Subject: Pamela Chase Dyson

Subject of Interest

Pamela Chase Dyson is a member of the executive committee at the Federal Reserve Bank of New York. She is executive vice president, chief information officer and head of the Technology Group (TG) at the Federal Reserve Bank of New York. She is also on the Bank’s Executive Committee. Prior to joining the New York Fed, Dyson was the chief information officer and director of the Office of Information Technology at the Securities and Exchange Commission (SEC). She holds a bachelor of science from the University of Maryland.

Biography

Federal Reserve Bank of New York

Subject: Kevin Stiroh

Subject of Interest

Kevin J. Stiroh is a member of the executive committee at the Federal Reserve Bank of New York.  He is Executive Vice President of the Federal Reserve Bank of New York and head of the Supervision Group. Stiroh joined the Bank in March 1999 as an economist in the Research and Statistics Group and has held a range of positions in the Research and Statistics, Supervision, Markets, and Integrated Policy Analysis groups. Stiroh holds a bachelor’s degree from Swarthmore College in Economics and Psychology and an M.A. and Ph.D. from Harvard University in Economics.

Biography

Federal Reserve Bank of New York 

Subject: Daleep Singh

Subject of Interest

Daleep Singh is a member of the executive committee at the Federal Reserve Bank of New York.  He is executive vice president and head of the Markets Group at the Federal Reserve Bank of New York. Prior to joining the New York Fed, Mr. Singh was senior partner and chief U.S. economist at the global investment firm SPX Capital, from 2017 to 2019. Before that, he worked at the U.S. Department of the Treasury from 2011 to 2017. Prior to his tenure at the Treasury Department, Singh worked for Goldman Sachs, from 2003 to 2007, and again from 2008 to 2011. He was also a partner at Element Capital Management from 2007 to 2008. Singh holds a bachelor’s degree with Duke University in economics and public policy. He also holds a master of business administration/master of public administration from the Massachusetts Institute of Technology, and Harvard University.

Biography

Federal Reserve Bank of New York

Subject: Joshua Rosenberg

Subject of Interest

Joshua Rosenberg is a member of the executive committee at the Federal Reserve Bank of New York. He is executive vice president, chief risk officer and head of the Risk Group. Rosenberg joined the Bank in 2001 as a research economist. Prior to joining the Bank, Rosenberg was an assistant professor of finance at New York University’s Stern School of Business. He holds a bachelor’s degree in mathematics and religion from Oberlin College and a doctorate degree in economics from the University of California, San Diego.

Biography

Federal Reserve Bank of New York

Subject: Helen Mucciolo

Subject of Interest

Helen Mucciolo is a member of the executive committee at the Federal Reserve Bank of New York. She is executive vice president, chief financial officer and head of the Corporate Group at the Federal Reserve Bank of New York. She is also on the Bank’s Executive Committee. Prior to joining the Bank, Ms. Mucciolo held various credit analyst positions in the private sector. Mucciolo received a bachelor’s degree in finance and accounting from Syracuse University and an MBA in finance from Pace University.

Biography

Federal Reserve Bank of New York

Subject: Beverly Hirtle

Subject of Interest

Beverly J. Hirtle is a member of the executive committee at the Federal Reserve Bank of New York. She is executive vice president, head of the Research and Statistics Group and director of research. She is also on the Bank’s Executive Committee. She has served on the Operating Committee of the Large Institution Supervision Coordinating Committee (LISCC), which coordinates the Federal Reserve’s supervision of large, complex financial institutions. Hirtle holds a B.A. in Economics and American Studies from Amherst College and a Ph.D. in Economics from Massachusetts Institute of Technology.

Biography

Federal Reserve Bank of New York

Subject: Michael Held

Subject of Interest

Michael Held is a member of the executive committee at the Federal Reserve Bank of New York. He is general counsel and executive vice president of the Legal Group at the Federal Reserve Bank of New York.  In addition, he serves as deputy general counsel of the Federal Open Market Committee. Mr. Held joined the New York Fed in 1998 as a staff attorney. Prior to joining the New York Fed, Held was an associate at McDermott, Will & Emery, LLP in the litigation department and prior to that, he was an associate at Kaye Scholer LLP.  Held holds a bachelor’s degree from Cornell University in Human Service Studies and a juris doctor degree from New York University School of Law.

Biography

Federal Reserve Bank of New York

Subject: Jack Gutt

Subject of Interest

Jack Gutt is a member of the executive committee at the Federal Reserve Bank of New York. He is executive vice president and head of the Communications and Outreach Group at the Federal Reserve Bank of New York. Gutt also serves on the Bank’s Executive Committee. Prior to joining the New York Fed, Gutt served as managing director at several leading public relations and public affairs firms and was one of the founding partners of Vistance Group LLC. Gutt joined the Bank in September 2009 as an officer in media relations and public affairs. Mr. Gutt holds degrees in newspaper journalism and political science, both from Syracuse University.

Biography

Federal Reserve Bank of New York

Subject: Michael Strine

Subject of Interest

Michael Strine is first vice president at the Federal Reserve Bank of New York, the second ranking officer in the Bank and its chief operating officer, as well as an alternate voting member of the Federal Open Market Committee. He leads or serves on key Federal Reserve System committees to govern technology, human resources, enterprise risk management, resources, policies and payments infrastructure. Prior to that, Strine was executive vice president and head of the Corporate Group. Before joining the Bank in 2013, he served as executive vice president and chief operating officer at the University of Virginia. Prior to his tenure at University of Virginia, Strine served as vice president, chief financial officer and treasurer for Johns Hopkins University. Strine earned his doctorate and master’s degree from Johns Hopkins University in political science, and completed graduate studies at the University of Delaware in public administration and budgeting.

Biography

Federal Reserve Bank of New York

Subject: Sarah Bloom Raskin

Subject of Interest

Sarah Bloom Raskin took office as a member of the Board of Governors on October 4, 2010, to fill an unexpired term ending January 31, 2016.  She resigned on March 13, 2014. Early in her career, she worked at the Federal Reserve Bank of New York and the Joint Economic Committee of the Congress. She was later managing director at the Promontory Financial Group. She also served as the banking counsel for the US Senate Committee on Banking, Housing, and Urban Affairs. Before her appointment to the Board of Governors, Raskin was the commissioner of financial regulation for the State of Maryland. Raskin received a bachelor’s degree in economics (magna cum laude) from Amherst College and earned a law degree from Harvard Law School.

Biography

Board of Governors of the Federal Reserve System

Subject: Frederic S. Mishkin

Subject of Interest

Frederic S. Mishkin was appointed to the Board of Governors of the Federal Reserve System on September 5, 2006, to fill an unexpired term ending January 31, 2014. He resigned on August 31, 2008. From 1999 to 2006, Mishkin was the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. Before that, he was the A. Barton Hepburn Professor of Economics from 1991 to 1999 and professor at the Graduate School of Business from 1983 to 1991. He was also a research associate at the National Bureau of Economic Research (1980–2006) and a senior fellow at the Federal Deposit Insurance Corporation’s Center for Banking Research (2003–06). From 1994 to 1997, he was executive vice president and director of research at the Federal Reserve Bank of New York and an associate economist for the Federal Open Market Committee. Mishkin has been a consultant to the World Bank, the Inter-American Development Bank, and the International Monetary Fund, as well as to numerous central banks throughout the world. He graduated with a doctorate from Massachusetts Institute of Technology. In 1999, he received an honorary professorship from the People’s (Renmin) University of China.

Biography

Board of Governors of the Federal Reserve System