There are 3 seats selected by the Board of Governors of the NY Fed to represent the public.

FORBES: Just Who Is the New York Federal Reserve Serving? The Public or Wall Street?

To review, there are 9 board seats of the NY Fed.

FORBES: Just Who Is the New York Federal Reserve Serving? The Public or Wall Street?

Maybe Wall Street banks have asked the NY Fed (their regulator) not to fill these extra seats because it suits their interests just fine.

FORBES: Just Who Is the New York Federal Reserve Serving? The Public or Wall Street?

It was the first plot to target the NY Fed.

FORBES: FBI Thwarts Terrorist Plot To Bomb NY Federal Reserve

So in other words, the NY Fed still has a pretty tight leash on the CIT group which Thain is likely working to loosen or cut off all together.

FORBES: Are Regulators Warming Back Up To John Thain's CIT Group?

There has yet to be information on the actual proceeds from the sales to Credit Suisse and Goldman Sachs, as those details are being withheld until the NY Fed has completely wound down the portfolio.

FORBES: Goldman Buys $6.2B In NY Fed's AIG Bailout Assets

You make out the Fed to be the total culprit in the financial meltdown, but I believe that the people in the Fed (DC and NY) should bear less than half the blame.

FORBES: Mitt Romney Should Be Bashing The Fed, Not China

In the last week or so it has been that the Empire State (NY area) Mfg Index, the Philadelphia Fed Index, and the Dallas (Texas area) Fed Index, plunged dramatically in May.

FORBES: Reality Bites Into Earnings That Follow Economy Lower