Earlier this year a riled congressional panel accused the Federal Reserve Bank of New York of hiding details of deals and giving backdoor bailouts to friends during the recent financial crisis. To reassure the lawmakers and to explain the intricate and sometimes frantic maneuvers that helped stave off a collapse of the U.S. economic system, the New York Fed sent in its face of reason and integrity: general counsel Thomas Baxter, Jr.
Coolly, Baxter took questions from the House Committee on Oversight and Government Reform at its January hearing. First, he denied their allegations. Then he guided the lawmakers through the decisions behind the deals, like a law professor leading a contracts class through a complex transaction.
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