Employment Numbers Surge (at the New York Fed) To Manage Its Bank Subsidy Programs

It is good to see that the downturn in employment is being counteracted by robust hiring and promotion in the cost-plus, quasi-governmental, financial service sector, or more specifically, a bull market in central banks managing subidies to the banking sector.

It appears that this flurry of promotions and hiring is for the new group that will oversee the bank's investments in Maiden Lane III and of course, AIG.

Ah, to be employed in a cost plus monopoly. What a sinecure.

NY Fed
New York Fed Creates New Group and Names Sarah J. Dahlgren Executive Vice President and Head of Group
January 21, 2010

NEW YORK—William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, announced today the formation of a new Special Investments Management Group. The Bank’s board of directors promoted Sarah J. Dahlgren to executive vice president and named her as head of the new group. She will also become a member of the Bank’s Management Committee.

This move represents an additional enhancement to the Bank’s governance and risk management in light of the tremendous expansion of the Bank’s balance sheet over the past eighteen months by separating out the management of the new investments from the Bank’s financial risk management. Among the Group’s responsibilities will be managing the Bank’s credit extension to AIG and its Maiden Lane LLC portfolios.

Ms. Dahlgren has been the senior vice president in charge of the AIG relationship since September 2008. Prior to that, Ms. Dahlgren was responsible for the relationship management function in the Bank Supervision Group, with oversight responsibility for the Group’s portfolios of domestic and foreign banking organizations. Previously, Ms. Dahlgren was responsible for the Bank Supervision Group’s information technology and payments systems exam programs, as well as its Year 2000 readiness efforts....

NY Fed
New York Fed Names Seven Senior Vice Presidents and Ten Vice Presidents
January 21, 2010

NEW YORK – The Federal Reserve Bank of New York announced that its board of directors has approved the promotion of seven senior vice presidents and ten vice presidents.

NY Fed
New York Fed Names 11 Assistant Vice Presidents and 29 Officers
January 21, 2010

NEW YORK—The Federal Reserve Bank of New York announced that its board of directors has approved the promotion of eleven officers to assistant vice president and named twenty-nine new officers at the Bank.