Why even bother with the charade?
The board of the Federal Reserve Bank of New York is packed with powerful executives. But the selection process leading up to January’s promotion of William Dudley to president underscored the lack of clout among the Fed’s regional directors as the central bank navigated the crisis.
Mr. Dudley, a 56-year-old former Goldman Sachs Group Inc. economist who ran the New York Fed’s markets division, got the top job after a two-month search, succeeding new Treasury Secretary Timothy Geithner.
If directors couldn’t have a bigger role, attendees said Ms. Nooyi asked colleagues at the meeting, “What are we doing here?” In February, she stepped down from the Fed board, citing scheduling conflicts. Mr. Baxter declined to comment on specific directors.
Kudos to Ms. Nooyi for not putting up with this scam.
