Monday, January 14, 2019

Fed Chair Jay Powell Interviewed by PEU Boss

The interview can be seen on CNBC.  Fed Chair Jay Powell worked for President George H. W. Bush's Treasury Department and at The Carlyle Group for eight years.

The interview mentions another former Carlyle PEU now at the Federal Reserve Bank, Randall Quarles.  Quarles worked for President George W. Bush's Treasury Department overseeing all the stuff that blew up in the Fall 2008 financial crisis.

Carlyle is renowned for its political connections and the Fed is no exception.  What might the Fed do should leveraged loans fail on a widespread basis?  Mr. Rubenstein did not ask that question.

Update 5-19-20:  Wall Street on Parade picked up on the Carlyle connection to the top two Fed chiefs.