Fed Vice Chair Nominee Stanley Fischer Is Really Rich

Stanley fischerREUTERS/Ronen ZvulunBank of Israel Governor Stanley Fischer speaks during an interview with Reuters in Jerusalem, September 4, 2007.

Bloomberg’s Josh Zumbrun reports Federal Reserve vice chair nominee and outgoing Israel Central Bank chief Stanley Fischer attained a net worth of up to $US56 million in recent years, including up to $US1 million from charging rents on property in New York City.

“His largest single holding is residential real estate in New York City, valued between $US5 million and $US25 million,” Zumbrun writes. “Fischer earned between $US100,000 and $US1 million in rent on the property, according to the disclosures.”

From 2002 to 2005, Fischer served as vice chairman of Citigroup, during which time he earned between $US14.6 million and $US56.3 million, “a sum that would make him one of the wealthiest Fed officials.”

He will have to divest most of his stock holdings before he is confirmed. Fischer’s nomination is expected to go before a Senate committee the last week of February.

Click here to read Zumbrun’s full story on Bloomberg »

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