“Technically Incompetent” NY Fed Examiner of Biggest Banks Pre Crisis Promoted for Blowing Up the Economy

Yves Smith doesn’t hold back in her Naked Capitalism post about Sarah Dahlgren’s recent promotion by the Fed.

We pointed out that reappointing Ben Bernanke as Federal Reserve chairman would be inconceivable in the private sector, since CEOs who preside over disasters are dismissed (captains have the good taste to go down with their ships).

But of course, Bernanke is a failure only if you believe that the Fed’s official mandate – soundness and stability of the banking system, full employment and price stability – is the real one. But if you think his job, like that of Soviet apparatchiks, is to preserve the existing order, no matter how rotten it and its incumbents are, then he has succeeded admirably.