William McDonough
 William McDonough      ( deep state operative) | ||||||||||||
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| Born | William Joseph McDonough April 21, 1934 Chicago, Illinois | |||||||||||
| Died | January 22, 2018 (Age 83) Waccabuc, New York, U.S. | |||||||||||
| Nationality | USA | |||||||||||
| Alma mater | • College of the Holy Cross • Georgetown University | |||||||||||
| Member of | Council on Foreign Relations/Historical Members, Group of Thirty, Trilateral Commission | |||||||||||
CFR, TLC, 7 Bilderbergs, Group of Thirty, NY Fed Chairman..
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William Joseph McDonough was an American banker and president and CEO of the Federal Reserve Bank of New York from 1993 to 2003. He was also on the board of the Bank for International Settlements and chairman of the Basel Committee on Banking Supervision. A director of the Council on Foreign Relations, member of the Trilateral Commission and the Group of Thirty, he attended 7 Bilderberg meetings.
Contents
Background
McDonough was born in 1934, in the West Side of Chicago, Illinois, to Irish immigrants.[1][2] He became an orphan by the age of 11 following the deaths of his mother and his insurance-salesman father.[1] He lived with an aunt and worked as a newspaper delivery-boy before attending Campion High School in Prairie du Chien, Wisconsin,[1] where he was first in his class for four years.[1]
Education
For his academic achievements, he was admitted to the College of the Holy Cross in Worcester, Massachusetts, and took a bachelor's degree in 1956.[1][3]
He received a master's degree in economics from Georgetown University in 1962.[1]
Career
Early career
McDonough was with the U.S. Navy from 1956 to 1961.[4] During this period he spent time on a destroyer, was stationed in Pearl Harbor, taught at the U.S. Naval Academy, and earned his masters degree by attending night school.[3]
He was with the U.S. State Department from 1961 to 1967,[4] and became fluent in Spanish and French.[1] He was sent to Uruguay as a diplomat,[3][1] and also worked in Washington D.C. on Latin American policy.[3]
First Chicago Corporation and its bank, First National Bank of Chicago, needed someone with economic skills and international experience, and hired McDonough in 1967.[3][1] First Chicago initially sent him to Paris and then London, before bringing him back to the head office in the U.S., where he rose to vice chairman of the corporation[3] in 1986.[5] Concluding he was unlikely to become CEO of the firm, McDonough retired from First Chicago[3] in 1989 after a 22-year career there.[1]
Before joining the Federal Reserve Bank of New York, McDonough worked as a consultant and did charity work for several years.[3]
Federal Reserve Bank of New York
In 1992, McDonough was hired by the Federal Reserve Bank of New York as an executive vice president[6] and head of markets.[7][1] The bank's foreign exchange and domestic market operations were consolidated and placed under his direction.[6] He was in charge of the bank's open market operations.[8]
He was president and chief executive officer of the Federal Reserve Bank of New York from July 1993 to July 2003.[9] As president of the New York Fed, he also automatically was the vice chairman and a permanent member of the Federal Open Market Committee, which makes decisions about interest rates.[10]
McDonough also sat on the board of directors of the Bank for International Settlements,[11] and as chairman of the Basel Committee on Banking Supervision.[11] While he was chairman of the Basel Committee on Banking Supervision from 1998 to 2003, the McDonough ratio, which revised the former Cooke ratio of weighting risks versus solvency, was introduced and became part of the Basel II accords in 2004.[12]
As president of the Federal Reserve Bank of New York, McDonough led the New York Fed during the 1997 Asian financial crisis,[1] and helped ensure that international banks kept credit flowing to South Korea during that period.[7] He oversaw the institution’s preparations for guarding against a Y2K computer-conversion market failure at the onset of the year 2000.[3][1] And he oversaw stabilizing the Federal Reserve and the U.S. financial system in the immediate aftermath of the September 11 attacks in 2001.[1][7][3] He was also a strong supporter of chairman Alan Greenspan's decision in 1994 to begin announcing the Federal Reserve's interest rate decisions.[7]
His most controversial action was brokering a private-sector bailout in 1998 of Long-Term Capital Management, a large hedge fund which had amassed billions of dollars in debt and whose imminent bankruptcy threatened to spark a contagion of investor panic.[1][10]
In speeches he made during his tenure at the Fed, he criticized the ballooning compensation of corporate CEOs,[3][1][7] the excess risk being increasingly taken on Wall Street,[1] and the growing income inequality in the U.S.[7][13]
Career post-Fed
In 2003, immediately after leaving the New York Fed, McDonough was appointed as the first chairman of the Public Company Accounting Oversight Board, a U.S. non-profit regulatory entity created by the Sarbanes-Oxley Act of 2002 to oversee audits of public companies and broker-dealers.[14][15] He resigned the post towards the end of 2005.[16]
In January 2006, he was appointed vice chairman of Merrill Lynch and as a senior advisor to its CEO Stanley O'Neal.[17][15] He was responsible for advising senior management in the company's business development efforts with governments and financial institutions.[15] He retired from Bank of America, which acquired Merrill Lynch, at the end of 2009.[18]
Additional posts
McDonough was vice chairman of the Council on Foreign Relations,[9] where he had been a director since 1995.[19]
He was chairman of the Economic Club of New York from 1996 to 2000.[20]
In 2004 he was elected to the board of advisors of the Yale School of Management.[21]
He was chairman of the board of the Investment Committee for the United Nations Joint Staff Pension Fund,[22] and was co-chairman of the United Nations Association of the United States of America (UNA-USA).[23] He was also an emeritus member of the Group of Thirty, an influential Washington-based financial advisory body.[24]
He was also a member of the board of directors of the New York Philharmonic Orchestra.[9]
Personal life
McDonough died January 22, 2018, at the age of 83, at his home in Waccabuc, New York in Westchester County.[7] He was survived by his wife, Suzanne Clarke McDonough, and six children[7] from a former marriage.[8]
Events Participated in
| Event | Start | End | Location(s) | Description |
|---|---|---|---|---|
| Bilderberg/1997 | 12 June 1997 | 15 June 1997 | US Lake Lanier Georgia (State) | The 45th Bilderberg meeting |
| Bilderberg/1998 | 14 May 1998 | 17 May 1998 | Scotland Turnberry | The 46th Bilderberg meeting, held in Scotland, chaired by Peter Carrington |
| Bilderberg/1999 | 3 June 1999 | 6 June 1999 | Portugal Sintra | The 47th Bilderberg, 111 participants |
| Bilderberg/2000 | 1 June 2000 | 4 June 2000 | Belgium Brussels Genval | The 48th Bilderberg, 94 guests |
| Bilderberg/2002 | 30 May 2002 | 2 June 2002 | US Virginia Chantilly Westfields Marriott | The 50th Bilderberg, held at Chantilly, Virginia. |
| Bilderberg/2004 | 3 June 2004 | 6 June 2004 | Italy Stresa | The 52nd such meeting. 126 recorded guests |
| Bilderberg/2008 | 5 June 2008 | 8 June 2008 | US Virginia Chantilly | The 56th Bilderberg, Chantilly, Virginia, 139 guests |
| Jackson Hole/Meeting/1993 | 19 August 1993 | 21 August 1993 | US Wyoming Jackson Hole | The 1993 Jackson Hole Economic Policy Symposium |
| Jackson Hole/Meeting/1994 | 25 August 1994 | 27 August 1994 | US Wyoming Jackson Hole | The 1994 Jackson Hole Economic Policy Symposium |
| WEF/Annual Meeting/2014 | 22 January 2014 | 25 January 2014 | Switzerland WEF | 2603 guests in Davos considered "Reshaping The World" |
| WEF/Annual Meeting/2019 | 22 January 2019 | 25 January 2019 | Switzerland WEF | "The reality is that we are in a Cold War [against China] that threatens to turn into a hot one." |
| WEF/Annual Meeting/2020 | 21 January 2020 | 24 January 2020 | Switzerland WEF | This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting. |
| WEF/Annual Meeting/2022 | 22 May 2022 | 26 May 2022 | Switzerland WEF | 1912 guests in Davos |
| WEF/Annual Meeting/2023 | 16 January 2023 | 20 January 2023 | Switzerland WEF | The theme of the meeting was "Cooperation in a Fragmented World" |
References
- ↑ a b c d e f g h i j k l m n o p q https://www.nytimes.com/2018/01/26/business/william-mcdonough-who-guided-new-york-fed-through-crises-dies-at-83.html
- ↑ https://group.irishecho.com/2011/02/americans-are-banking-on-william-mcdonough-2/
- ↑ a b c d e f g h i j k https://www.wsj.com/articles/william-j-mcdonough-overcame-childhood-traumas-to-help-steer-u-s-economy-1516984494
- ↑ a b https://www.wnyc.org/people/william-mcdonough/
- ↑ https://www.nytimes.com/1986/11/20/business/business-people-first-chicago-chooses-doer-as-vice-chairman.html
- ↑ a b https://www.nytimes.com/1992/07/29/business/company-news-shifts-at-new-york-fed-announced.html
- ↑ a b c d e f g h https://www.bloomberg.com/news/articles/2018-01-25/ex-new-york-fed-chief-mcdonough-dies-led-bank-during-ltcm-9-11
- ↑ a b https://www.nytimes.com/1993/07/17/business/deputy-chosen-as-head-of-new-york-fed.html
- ↑ a b c https://money.cnn.com/2003/01/16/news/economy/mcdonough/index.htm
- ↑ a b https://www.nytimes.com/2003/01/17/business/head-of-new-york-fed-says-he-ll-retire.html
- ↑ a b https://www.bis.org/press/p980609.ht
- ↑ https://www.vernimmen.net/ftp/Memoire_Alexandre_CHARPENTIER_Basel_III.pdf
- ↑ https://www.wsj.com/articles/former-new-york-fed-chief-william-mcdonough-who-guided-bank-through-9-11-dies-1516915662
- ↑ https://query.nytimes.com/gst/fullpage.html?res=9D0DE2DE1E3BF935A25757C0A9659C8B63
- ↑ a b c https://www.forbes.com/2006/01/23/merrill-mcdonough-oneal-cx_em_0123autofacescan07.htm
- ↑ https://pcaobus.org/news-events/news-releases/news-release-detail/chairman-william-j-mcdonough-announces-his-resignation_199
- ↑ https://www.wsj.com/articles/SB113798160406453288
- ↑ https://www.marketwatch.com/story/bank-of-america-vice-chairman-mcdonough-to-retire-2009-12-16
- ↑ http://www.cfr.org/about/history/cfr/appendix.html
- ↑ https://www.econclubny.org/history
- ↑ https://som.yale.edu/news/2004/01/yale-som-appoints-new-board-of-advisors
- ↑ https://documents.un.org/doc/undoc/gen/n06/428/38/pdf/n0642838.pdf
- ↑ https://www.nytimes.com/2010/11/03/opinion/03iht-edpickering.html
- ↑ https://www.washingtonpost.com/wp-srv/business/documents/g30report.pdf
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