The Dangers Of The Next Fed Chairman
Specialist in corporate reorganizations and turnarounds, former Chairman of two NYSE listed companies. His latest book, The Third Way, describes how to achieve management excellence and financial reward by moving organizations from Conflict and Confrontation to Leadership and Cooperation. He lives in Newport Beach, CA.
Thomas M. Hoenig, Vice Chairman of the FDIC, former president of the Kansas City Fed, and former member of the Federal Open Market Committee, wrote an editorial today in the Washington Post complaining it is unfair that the huge too-big-to-fail banks have less scrutiny by investors because they receive government deposit insurance guarantees, borrow from the Federal Reserve at virtually no cost and have gained public confidence that when they get in financial trouble the taxpayers will bail them out through programs such as the 2008 Troubled Assets Relief Program.