From Fed To Goldman

[Cptindy]

This article speaks volumes

http://ttbth.blogspot.com/2010/12/foxes ... e-now.html

By Matthew Leising and Shannon D. Harrington - Dec 14, 2010

Theo Lubke, who served for 15 years at the Federal Reserve Bank of New York and headed its efforts to reform the private derivatives market, joined Goldman Sachs Group Inc., according to a memo obtained by Bloomberg News.
Lubke, 44, started this month as chief regulatory reform officer in Goldman Sachs’ securities division, the memo said. The newly-created role will allow Lubke to “work closely with divisional and firm-wide leadership to implement regulatory reform legislation,” according to the memo.Michael DuVally, a spokesman for Goldman Sachs in New York, confirmed the document.
The most profitable securities firm in Wall Street history is hiring Lubke five months after Congress mandated the regulation of the $583 trillion over-the-counter derivatives market after swaps complicated efforts to resolve the financial crisis. The reforms threaten to cut the profit at dealers such as Goldman Sachs because they will make swaps prices known to the public.
In 2007, Lubke was appointed to his former role by Timothy Geithner, now Treasury Secretary, who was then president of the New York Fed. The central bank has pushed for changes in the credit-default swap market since 2005, when Geithner became concerned that an explosion of trading was threatening the ability of banks and regulators to manage and monitor risks that posed a threat to the financial system.
He was reassigned as a senior vice president at the New York Fed in September to begin looking for a job outside the bank, a person familiar with the matter said at the time.