Via Going Concern: Meet the Fed's New Bully
I can't get enough of the latest Fed n00b, so much so that I gave him a nice once-over at Going Concern. According to people familiar with the matter, if he keeps this behavior up I may just be required to give him more than the customary once-over. *fapfapfap*
Anyway, I digress.
In recent months, [Fed Governor Daniel] Tarullo has been fairly quiet since he was installed at the Board of Governors in January of this year but he seems intent on speaking out lately, positioning himself as an early hero of commercial real estate and a regulatory force to be reckoned with. He even kicked off his week with a thorough Wall Street Journal rub:
The rise of Daniel Tarullo, a lawyer with a longstanding interest in bank regulation appointed to the Federal Reserve Board by President Barack Obama, is a sign the era of light-touch bank regulation is over.
New guidelines on bankers’ pay proposed by the Fed last week reflect Mr. Tarullo’s influence. He is shaking up the Fed’s 2,858-person army of bank supervisors, weighing in on issues ranging from the way regulators deal with troubled commercial real estate loans to the rules that will govern global banking for years to come.
Oh please, how ominous.
Regulatory rewrites might not be the first thing on his to-do list as newbie Fed governor, Tarullo’s first big takedown may be the Atlanta Fed.
As Tarullo came in, Atlanta Fed’s head of banking supervision went out, with the Board in Washington dispatching a few Board goons to keep an eye on Atlanta’s supervision department until they find a new sucker to head things up over there. With 20 Georgia bank failures for 2009 (out of 106), you can see why Daddy in DC might be worried about what Atlanta is (or isn’t) doing.
Tarullo appears to be positioning himself as a bad ass regulator ready for war and I wouldn’t take that threat lightly if I were Atlanta Fed, especially since they already know what it feels like to be on his shit list.
I know you want the rest but you'll have to go over to Going Concern to get it.
And LOL Atlanta Fed! Duck!!