24 July 2009

New York Fed Wants to Hear From Investors (But Not Anyone LIke You)


The New York Fed is creating an 'investor advisory council' and packing it with the outer circle of insiders, the banks being the In Crowd.

Its nice to hear that Pimco will now have greater access to the NY Fed.

Maybe the Fed would like them to explain how they are going to move hundreds of billions in new bond sales in the coming weeks, while propping the equity markets with hot money and no fundamental underpinnings. Is Goldman running out of ideas? Does Ben Bernanke have printer's block? Is Larry Summers already searching for the revolving door? Is Timmy amending his tax returns?

The guy from the Treasury of the State of New Jersey must be there for a fade. I hear most of that state's investments are in overseas accounts. Did the Treasurers of Michigan and California have scheduling conflicts?

The list of appointees are at the end of this press release. In case you were wondering, ZeroHedge, Karl Denninger, GATA's Bill Murphy, Peter Schiff, Eric Janszen, Jon Stewart, and WalStreetPro are NOT included in the list of appointees. If they were, the NY Fed could make money by putting their meetings on Pay Per View or SpikeTV.


New York Fed Announces Creation of the Investor Advisory Committee on Financial Markets
July 24, 2009

New York—The Federal Reserve Bank of New York today announced the establishment of the Investor Advisory Committee on Financial Markets (IACFM). The committee will serve as a forum for informal discussions on financial, economic and public policy issues and help inform New York Fed President William C. Dudley and senior management. The IACFM is currently comprised of 13 prominent leaders in the investment community, and is solely an advisory group with no formal policymaking responsibilities.

The committee will combine the insights of a broad spectrum of investment professionals and strengthen the New York Fed’s relationships with a diverse group of market participants, ensuring policymakers hear a range of views on relevant issues.

Mr. Dudley said, “Since my arrival at the Bank in January 2007, we have expanded our contacts throughout the investment and trading communities. Through such relationships, we can enhance our understanding of how the private sector interacts with Federal Reserve operations, deepen communications between the Fed and market participants, and build confidence in Fed actions through greater transparency. Conferring with members of the IACFM is a natural extension of our work at the Bank.”

The creation of this advisory committee formalizes the ongoing expansion of our contacts and outreach by New York Fed staff. Currently, the New York Fed meets regularly with a variety of economists, representatives from the small business and agriculture sectors, thrift institutions and community banks, as well as leaders from community development organizations committed to assisting the low- and moderate-income communities in our District.

The New York Fed anticipates that committee membership will evolve to ensure additional perspectives are expressed in the committee. At this time, committee members include:

Keith Anderson
CIO, Soros Fund Management LLC

Nicole Arnaboldi
Vice Chairman of Alternative Investments, Credit Suisse Group

Louis Bacon
Chairman, CEO and Founder, Moore Capital Management LLC

William Clark
Director, State of New Jersey Department of the Treasury
Division of Investment

Mohamed El-Erian
CEO and Co-CIO, Pacific Investment Management Company

Garth Friesen
Principal, III Associates

Gary Glynn
President and CIO, US Steel and Carnegie Pension Fund

Joshua Harris
Managing Partner, Apollo Advisors LP

Alan Howard
Director and Co-Founder, Brevan Howard Asset Management LLP

Glenn Hutchins
Co-CEO and Co-Founder, Silver Lake

Sander Levy
Managing Director, Vestar Capital Partners

Morgan Stark
Managing Member, Ramius LLC

Thomas Steyer
Senior Managing Member, Farallon Partners LLC