We were quite measured not to engage with the directors of the Bank at the time, but sometimesit pays to clarify such actions to avoid misperceptions. During our assessments of this bank, we were able to unravel the financial engineering that went into the creation of false capital upon which the then Heritage Bank obtained its license.
*  *  *  The view expressed today are my own and not necessarily those of the Federal Reserve System or the FOMC. Highlights •  President Charles Plosser gives his views on the sustainable improvement in housing in the context of a broader economic recovery. He also discusses the Fed’s monetary policy issues, including forward guidance.