William Dudley, the New President of the New York Fed, Lives in New Jersey


Now that Tim Geithner is in charge of the entire economy, his deputy of two years, William Dudley, will be replacing him as New York Federal Reserve President. But who is this man that we can only find a very small picture of, and is he the right man for such an important position? After the jump, we judge him based on our limited knowledge.

• Worked at Goldman Sachs for two decades. (Because even though there is probably a massive conspiracy afoot, at least it’s not, like, Citigroup’s conspiracy.)
• Lives in New Jersey.
• Slept on the floor of his office during talks with Bear Stearns and Lehman Brothers, according to Bloomberg. (Because this is being sold to us as dedication, which bugs us, since please: We’ve slept on our office floor before, and it’s not dedication, it’s laziness.)
• Donated money to Democrats in 2004 and 2005.
• Dudley “is one of the main architects of the emergency credit programs the Fed has introduced since December 2007, and has overseen most of them. The initiatives have more than doubled holdings on the central bank’s balance sheet to a record high of more than $2 trillion.”
• Predicted in October 2007 that subprime-mortgage losses “probably will ultimately turn out to be in a range” of $100 billion to $200 billion.

Verdict: Meh.

Dudley Brings Crisis Experience to Job as New York Fed Chief [Bloomberg]