James P. Gorman is a member of the board of directors at the Federal Reserve Bank of New York. He is chairman and chief executive officer (CEO) of Morgan Stanley. 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. He also serves as a director of the Council on Foreign Relations and formerly served as president of the Federal Advisory Council to the U.S. Federal Reserve Board, co-chairman of the Partnership for New York City, chairman of the Board of the Securities Industry and Financial Markets Association. Mr. Gorman, who was born in Australia, earned a bachelor of arts degree and a law degree from the University of Melbourne and a master of business administration degree from Columbia University.
Pam Martens, Russ Martens
Wall Street on Parade, 20 November 2019
The New York Fed has now pumped out upwards of $3 trillion in a period of 63 days to unnamed trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly explained. In addition, it has launched a new asset purchase program, buying up $60 billion each month in U.S. Treasury bills. Based on the continuing escalation of its plans, it appears to be testing the limits of what the public will tolerate. We thought it was time to answer the question: who exactly owns the New York Fed and its magical money spigot that can pump trillions of dollars into Wall Street at the press of a button.