Reply #12: "Wall Street is our Main Street""

[scentopine]

Kathryn Wylde, deputy chair of the New York Fed's board.

Wylde's day job is president and chief executive of the Partnership for New York City, a nonprofit that is funded by dues from its partner companies, which include the very banks involved in the talks to settle claims over hundreds of billions of dollars in soured home loans. Her apparent sympathy toward big banks compromises Wylde's ability to represent the public as a director of a bank regulator, said research analyst Christopher Whalen, who, along with analyst Barry Ritholtz, called for Wylde to resign.

"I'm just appalled," said Whalen, who is managing director of Institutional Risk Analytics. "She is a public director of a Federal Reserve Bank, and she's not supposed to behave this way. She is not an advocate for the industry."

"If she wants to be an advocate for the big banks," he continued, "then she ought to step down."

...

Wylde's compensation from the Partnership, whose partner companies include institutions that are regulated by the Fed, was more than $466,000 in 2009, according to a filing with the Internal Revenue Service.


http://www.huffingtonpost.com/2011/08/23/new-york-fed-kathryn-wylde-conflict_n_933729.html

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