Thomas Baxter, Jr., general counsel and executive vice president of the Federal Reserve Bank of New York, testifies on Capitol Hill in Washington, Wednesday, Sept. 1, 2010, before the Financial Crisis Inquiry Commission. (AP Photo/Carolyn Kaster)

Photo by: Carolyn Kaster

Thomas Baxter, Jr., general counsel and executive vice president of the Federal Reserve Bank of New York, testifies on Capitol Hill in Washington, Wednesday, Sept. 1, 2010, before the Financial Crisis Inquiry Commission. (AP Photo/Carolyn Kaster)