Eric L. Foster, a partner in the firm's New York City office, appeared on Bloomberg TV on Monday, November 10, 2008 to discuss the economic crisis on Wall Street.
Mr. Foster, former counsel in the legal group with the Federal Reserve Bank of New York, told Bloomberg that Congress wanted the Fed to be the lender of last resort.
"When everyone else falls down, the Fed needs to remain standing. We had a banking crisis in the early 20th Century. The Fed did what they were supposed to do. I think they are fed up. You are going to see a lot of changes in Congress and calls for more transparency. Some heads will roll at the end of this," Mr. Foster said.