Columbia President Lee Bollinger to Run New York Fed

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Photo: Daniel Acker/Bloomberg via Getty Images

Lee Bollinger, the Columbia president who gave Iranian leader Mahmoud Ahmadinejad a platform to speak from in New York City (after verbally ripping him a new one), has been tapped to lead the Federal Reserve Bank of New York's Board of Directors next year. Bollinger is already a member of the board and has served as deputy chair for a year now. He assumed that position not long after former Goldman Sachs executive Stephen Friedman left the chair position in May 2009 after criticism that the Fed leadership was too closely tied to banking interests and after scrutiny of his purchase of tens of thousands of Goldman shares during the financial crisis. Friedman was followed by New York State AFL-CIO labor-union leader Denis Hughes, a less conventional — but also less fraught — choice. Bollinger will serve beginning January 1.

Columbia President to Lead New York Fed [WSJ]