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Inside Washington (09/02/2008)
* WASHINGTON (9/3/08)--For a market economy to work best, individual institutions must be allowed to fail, Thomas M. Hoenig, president of the Federal Reserve Bank of Kansas City, said Monday in a speech in Buenos Aires. Economies also must find a balance between financial stability and a stable price environment and in doing so must let institutions fail, he said. “The ‘too big to fail’ issue will only grow in importance as the consolidation of the financial industry grows both in size and scope in future decades,” he concluded ... * WASHINGTON (9/3/08)--The Federal Deposit Insurance Corp. (FDIC) announced that its general counsel, Sara Kelsey, will retire on Oct. 31. She has served as general counsel the past two years. Before joining the FDIC, Kelsey served as deputy superintendent and general counsel of the New York State Banking Department; counsel at Skadden, Arps, Slate, Meagher and Flom; and as senior vice president and associate general counsel at Chase Manhattan Bank. She began her career with the Board of Governors of the Federal Reserve System in Washington, D.C., in 1976 ...


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