04/06/2009 05:12 am ET Updated May 25, 2011

New NY Fed Chief William Dudley Slams Bankers Over 'Self-Interest'

William Dudley, new president of the New York Federal Reserve Bank, on Friday accused bankers of exacerbating the financial crisis, saying some failed to raise capital quickly enough because they did not want to dilute their shareholdings.

Mr Dudley, in his first speech as head of the New York Fed, said executives at banks and government-sponsored enterprises told regulators "repeatedly over the past 18 months" that "now is not a good time to raise capital".

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