Bollinger and the New York Fed

http://www.futureofcapitalism.com/2010/07/bollinger-and-the-new-york-fed

When the financial "reform" bill proposed to have the president appoint the chairman of the New York Federal Reserve, the Wall Street Journal saddled up its highest horse and wrote an editorial denouncing what it called "politicizing the Federal Reserve." So who do we get as chairman of the New York Fed under the supposedly apolitical system that the Journal editorialists were defending? None other than Lee Bollinger, the $1.38 million a year president of Columbia University, who even the Journal's news department, citing his use of eminent domain for campus expansion, his advocacy of taxpayer subsidies for news, his ban on ROTC at Columbia's campus while welcoming Iranian president Mahmoud Ahmadinejad, can figure out is a left-winger.

At least with a presidential appointment and a congressional confirmation, President Obama would have to answer for this appointment, and senators would have the ability to block it. It'll be interesting to see the Washington Post's coverage of this issue; Mr. Bollinger is on the Washington Post Co.'s board of directors, for which he earns $70,000 a year in director's fees addition to his Columbia compensation. (Mr. Bollinger picks up another $27,000 in director's fees for sitting on the board of the Kresge Foundation, a charity.) Mr. Bollinger is also a member of the board that awards the Pulitzer Prize, which is another reason for anyone who writes books or articles that might stand a chance of winning the prize to treat him gingerly.

Thanks to reader-participant-community member-watchdog-content co-creator E. for sending the link.

by Ira Stoll  |  Jul 20, 2010 at 8:19 am Related Topics:  Compensation, Education, Federal Reserve, New York, Non-Profits, Politics, President Obama, Press receive the latest by email: subscribe to the free futureofcapitalism.com mailing list