By Michael S. Derby
NEW YORK--Some of them own a lot of stock. Some own farms. Some
are rich and others aren't, and few have mortgages.
On Friday, the 12 regional Federal Reserve banks released
financial disclosure statements for the leaders of those
institutions. While the data didn't reveal the total net worth of
the central bank officials, it nevertheless provides a window into
financial well-being of the men and women who help formulate
monetary policy and oversee banks throughout the nation.
The New York Fed noted its leader William Dudley and his wife
undertook two "notable equity divestitures" last year. Mr. Dudley
unloaded General Electric Co. (GE) stock in a fashion approved by
his bank so as to avoid a conflict of interest, while his wife sold
Prudential Financial Inc. (PRU) stock as the Fed gained regulatory
supervision of the company and similar institutions. Mr. Dudley was
also granted a waiver to serve as vice chairman of the Economic
Club of New York.
Mr. Dudley and his wife listed numerous stock and mutual fund
holdings, including over several million dollars invested in
several Vanguard funds, as well as substantial holdings in several
JPMorgan Chase schemes credited to Mr. Dudley's wife. Mr. Dudley's
filings didn't show a mortgage or other liabilities.
Dennis Lockhart of the Atlanta Fed listed extensive stock
holdings in his disclosure form for 2011. He had between $50,000
and $250,000, respectively, in firms like Apple Inc. (AAPL),
Coca-Cola Co. (KO), McDonald's Corp. (MCD), Tupperware Brands Corp.
(TUP) and Wal-Mart Stores Inc. (WMT), as well as similar amounts in
a number of mutual funds. Lockhart also listed as liabilities a
mortgage of over $1 million in value, and a Mercedes motor credit
car loan.
Dallas Fed leader Richard Fisher reported wideranging and
substantial stock and mutual fund holdings that included
international equities and investments listed as "hedges." Mr.
Fisher was unique in reporting substantial real-estate holdings,
including a 4,000 acre Texas ranch, another 2,000 acre Texas ranch,
as well as undeveloped land in Georgia and farmland in Iowa and
Missouri.
Mr. Fisher also had over $1 million invested in a gold fund.
Among the holdings of Kansas City Fed President Esther George
was a half-interest in a farm in Missouri valued between $250,000
and $500,000. Minneapolis Fed President Narayana Kocherlakota
reported receiving $3,298 in royalties last year on a book he
published in July 2010 called "The New Dynamic Public Finance."
Federal Reserve Bank of St. Louis President James Bullard
reported that in 2011 he had no liabilities, no bank accounts, and
several college funding programs. He also lists a business operated
by his spouse call Pie Oh My, valued at between $1,001 and
$50,000.
Cleveland Fed leader Sandra Pianalto noted on her 2011 filing
she is a trustee at the Rock and Roll Hall of Fame and Museum.
Write to Michael S. Derby at michael.derby@dowjones.com