Tom wrote about the 100th Anniversary of the Federal Reserve Bank
I wanted to share with you some details about an event held here at the Fed yesterday that I think will make each of you tremendously proud:
Yesterday afternoon the NY Fed held an event in its conference center commemorating its 100th anniversary. Honored guests included former NY Fed Presidents Paul Volcker (also former Fed Chairman), Timothy Geithner (also former Treasury Secretary),William McDonough, Gerald Corrigan (knows John from Fordham), Richard Debs (former First Vice President in the 70’s) current NY Fed President Bill Dudley and former Fed Chairman Ben Bernanke (via video conference).
As coincidence would have it, I was riding up in the elevator to the conference center to attend the event, the doors open on the 10th floor and this austere group enters the car (sans Bernanke of course). As we exit I had the opportunity to introduce myself to Richard Debs and Paul Volcker both of whom I know Dad had worked with when he was at the Bank. As we all know, mention of Dad’s name always brings those expressions of admiration as Debs and Volcker thought back to times on the 10th floor with Dad over 35 years ago.
During the event, each of these former NY Fed officials was asked to speak about some aspect of the Bank’s history they were involved with. Richard Debs spoke about the Franklin National Bank failure in 1974 and while I don’t know much about the details of this crisis, I know Dad was directly involved in its resolution at the NY Fed as the head of Bank Supervision. As Mr. Debs was wrapping up his remarks he turned his focus to the staff of the NY Fed and recognized the professionalism, integrity and dedication he always encountered when working at the Bank. When he called out Fred Piderit’s name as an example of those demonstrated traits, it was awesome. We all know how terrific Dad was but to have his name mentioned among these behemoths of the financial services community so long after his tenure here is an ongoing testament to his professional achievements and the effect he had on people he worked with.
The Bank has issued a commemorative journal which I will leave with Ed for you to browse thru. It also has a picture of Dad in it as well as that cool photo I sent you a while back of many of you standing in line at the Fed cafeteria.