The fact that Darby gets regular checks from JPMorgan Chase while her husband presides over a major financial regulator underscores the trouble with regulating complex and interwoven financial institutions.
Jamie Dimon, CEO of JPMorgan Chase, seen in Washington last month. Watchdogs have questioned the close ties between JPMorgan Chase and regulators at the Federal Reserve Bank of New York.
The relationship between JPMorgan Chase and its regulators is gaining a bit more attention these days.
Plenty of people have already registered their concern over the fact that Jamie Dimon, chief executive of JPMorgan, sits on the board of directors at the Federal Reserve Bank of New York, one of the bodies meant to act as a watchdog for the bank. But the ties don’t end there.
Ann Darby, the wife of New York Fed president William Dudley, used to work at JPMorgan Chase, according to financial disclosure records for Dudley. And she’s still getting deferred-income checks for the work she did there, to the tune of $190,000 a year.
A recent post by finance blogger Pam Martens, which ran at Martens’s site and at AlterNet, flags the disclosure form in question, which was filed in January 2009.
The form, which was filed by two lawyers for the New York Fed, goes on to say that the payments to Darby “will wind down and cease in 2021,” and that the lawyers are “in discussions with Mr. Dudley, representatives from the Board of Governors and JPMC” about the money.
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