New York Fed consultant slams bank's ‘intensely deferential' regulatory culture
Columbia professor says employees who speak out are ‘frequently hammered down'
A consultant hired by the Federal Reserve Bank of New York to examine its bank supervision practices has accused the institution of discouraging independent thinking while remaining "surprisingly bland in enforcing its rules against big banks".
David Beim, a former Columbia Business School professor, was hired by NY Fed president William Dudley in 2009 as part of efforts to strengthen the central bank's regulatory practices following the financial crisis.
The findings were made public in 2010
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