Saturday, June 7, 2008

Kissing . . . something

Somewhat old news now, but on May 19, Forbes ran this bit about the Columbia Business School's tribute to Fed chairman Ben Bernanke:

Kissing The Ring?

Think the Federal Reserve could be doing a better job? Don’t tell that to Columbia Business School. The prestigious Ivy League graduate unit just named the 32nd recipient of its annual Distinguished Leadership in Government Award: Fed Chairman Ben S. Bernanke. He was set to get the honor this month as a big draw at a school fundraising dinner at the Waldorf-Astoria in New York. Previous recipients include Bernanke’s four immediate predecessors back to 1970, including the now controversial Alan Greenspan. Columbia declined to answer our written query asking how “distinguished leadership” differed from “mere leadership.” Noteworthy since the Fed’s recent bailout of Bear Stearns: Many of the $1,500 meal tickets have been bought by large banks and other financial entities that are subject to Bernanke’s policies. —William P. Barrett

The only surprise is how cheap the meal ticket is, given what the Fed can do for the big players.

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