Out Of The Fire And Into...?

The president of the Federal Reserve Bank of New York stood before his 170 officers on Jan. 5 and delivered a bombshell. Speaking in his gravelly mumble, E. Gerald Corrigan revealed a plan he had been kicking around privately for months: After decades of putting out financial fires for the Fed, he was quitting his $250,000-a-year post, effective Aug. 20. Moments later, one aide offered a brief tribute. "For the past 20 years," he said, "you've been in the eye of the storm."

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