One person on the market and liquidity risk team vividly remembers a New York Fed bank examiner shrugging off the emission trading losses, arguing, “Don’t worry about that. We just have to respond to these things when they happen. We can’t get ahead of these problems. We don’t have enough people, and the bankers have a lot of smart people.”

The headquarters of the Federal Reserve Bank 

33 Liberty St, New York, NY 10045

The Federal Reserve Bank of New York formulates and executes monetary policy, as well as promotes financial stability in New York. The company engages in formulating and executing monetary policy; supervising and regulating depository institutions; the provision of elastic currencies; assisting the federal government’s financing operations; and serving as the banker for the U.S. government. It also engages in conducting open market operations; intervening in foreign exchange markets; and storing monetary gold for foreign central banks, governments, and international agencies.

└─► The Federal Reserve Bank of New York