When the Federal Reserve finally decides to raise short-term interest rates from near zero, it will be Simon Potter’s job to make it happen. The 55-year-old, British-born head of markets at the Federal Reserve Bank of New York had never worked at a securities-trading firm before taking his current post three years ago, according to Katy Burne, writing for the Wall Street Journal.
The economist manages the Fed’s $4.2 trillion securities portfolio and runs a team of nearly 500 traders and analysts. Now, Mr. Potter will be faced with one of the trickiest trading assignments around: making it more expensive to borrow money when the financial system is swimming in cash. Steve and Sinclair review Potter and his approach in segment 2.
In the Q & A session, estate planning attorney Richard Dwornik joins the A-Team to discuss problems and solutions on many old A-B and A-B-C living trusts with credit shelter provisions. This is very common on trusts written between 1990 and 2009.