>> the head of the new york branch is the william dudley. >> what did the william dudley do before running the new york fed? >> before running the new york fed, the william dudley was a partner at the goldman sachs. >> so the guy in charge of the american people's money when dealing with the goldman sachs used to be a partner at the goldman sachs? >> yes. >> and nobody has a problem with this? >> apparently not. >> is this an episode of the twilight zone? >> i don't think so. >> are you sure? >> pretty sure. >> you know, when i first saw this i started laughing so hardy started, tears coming out of my eyes. i started crying because it's true. goldman got t.a.r.p. money. goldman got $12.9 billion from that whole aig mess that was completely insane. should never have happen. goldman was turned into a bank holding company overnight. never happened before. so they can make more money themselves get money interest-free from the government. it a scam. a rip-off. what's going on? >> the banks are supposed to make a profit. let's face it. you can't fault them for trying to take advantage of a good

william dudley. [applause] >> thank you all for coming.e have had a great tour through yesterday, and a 40 our last stop before very kind with the weather today. pre-spectacular for this time of year. what it want to do today is talk of it about national and regional economic conditions and how the federal reserve is responding to them, paying particular attention to the housing sector and conditions here in upstate new york. as always, when i have to say reflects my own views and not necessarily those of the local market community or the federal reserve system. as many of you know, this is my first chance to speak at the university of buffalo since i became president of the new york fed. so by way of introduction i thought i was her with a little bit of a description of what the new york fed does and what makes my job so interesting. the new york federal reserve is part of the federal reserve system which is america's central bank which was established by congress in 1930. so we are three years away from our centennial. with this act cong

william dudley. [applause] >> thank you for coming. we had a great torres the upstate new york region. you're very kind in terms of the weather today. pretty spectacular for this time of year. as always, what i have to say reflects my own abuse and not necessarily those of the open market committee or the federal reserve system. as many of you know, this is my first chance to speak at the university of buffalo. by way of introduction, i thought i would start with a description on what's been york fed does and what makes my job so interesting. it is part of the federal reserve system, which is america's central bank. it was established by congress in 1913. congress delegated to the federal reserve cut the constitutional authority to manage the money supply and designed to be decentralized. independent of the political process. the federal reserve system is comprised of the board of governors in washington d.c., that is the federal agency led by ben bernanke. + 12 relativelyn the country. the district overseen by the new york federal res

williams' body hair. >> larry: don't need that. are you doing a remake of "arthur". >> i've done it in new york city. shaved and everything. >> larry: did you see the dudley moore film? >> i am. i'm ten miles away from where he's from. >> larry: alcohol is the theme of that film. >> yeah, but the thing is he's an idiot man child savant. alcoholism in the film "arthur" is not tragedy. if he didn't have a job and he was rich, why not get drunk. >> larry: it's for the whole movie. >> got nothing to do. if you're not addicted to alcohol and you haven't got a job and you are a billionaire, you might as well get drunk all day, right, bill gates? >> larry: now, since you're sober, was it hard to play drunk? >> what i done, right, larry, is i have bottles of booze and smell them all the time to get myself in the mood. all right, this is a tequila scene. i would have a smell of tequila or scotch or whatever. it's easy if you drink all the time. it's easy to remember. i used to drink a lot of stuff, so i a lot of memory for being drunk. i think i spent 15 years drunk. >> larry: 15 drunks. >> ever so drunk, drunk, crack, heroin, the works. >> larry: i'll talk about