Bailing out the Wall Street megabanks that are serially fined and hit with felony counts appears to be catching on as a major career advancement strategy at the New York Fed.
On August 22, Lorie Logan began her big promotion as President of the Dallas Fed, a position that paid $440,700 at the end of 2020. That’s $40,700 more than the salary of the President of the United States. Prior to joining the Dallas Fed, Logan was the Manager of the System Open Market Account (SOMA) at the New York Fed, effectively the Fed’s trading floor.
As part of her job, Logan oversaw the trillions of dollars that were electronically created at the New York Fed to bail out Wall Street trading houses in the fall of 2019 and through the middle of 2020. (See our related report The Fed Appears to Have Violated the Dodd-Frank Act in the Second Quarter of 2020, Giving $455 Billion in Loans to Citigroup.) Logan had worked at the New York Fed since graduating college in 1999.
Logan is not the first to see her resume enhanced after funneling trillions of dollars to Wall Street trading houses in below-market-rate loans.
And why do Fed Governors who personally trade stocks on inside information and not go to jail make more money than the President of the United States?
And why don’t most Americans know we had another financial crisis and Wall Street was quickly bailed out AGAIN in 2020 by the NY Fed?
Could it be that Americans do not realize the NY Fed which prints money out of thin air to serially bail out the wall street banks is OWNED by the same wall street banks they bail out? Yes, the Federal Reserve is a quasi-corporation with a charter to… oh hell, they don’t follow their charter anymore.
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