Bank regulators live in obscurity, diligently keeping the wheels of finance spinning. Then a crisis arrives, and they are thrust into view. No one embodied that more than William McDonough, former head of the NY Federal Reserve Bank, who died last week. He is perhaps best known for quelling the market panic when a big hedge fund collapsed and later guiding the Fed in the aftermath of the September 11, 2001, terrorist attack. But Mr. McDonough should also be remembered for two other things. First, he was an early and vocal advocate for sound risk management and offered some simple Read More