One way the very rich talk to the Fed

Wall Street execs have multiple channels of communication with the country’s central bankers.

One of the most direct is the Investor Advisory Committee on Financial Markets, set up after the 2008 meltdown.

The Wall Street Journal reported Thursday that committee member Louis Bacon led a meeting in September with New York Fed President William Dudley and recommended a coordinated effort to address the European debt crisis.

The Fed announced such a joint action yesterday, increasing the supply of U.S. dollars to foreign central banks.

At the time of its establishment in 2009, the advisory group was described as “a forum for informal discussions on financial, economic and public policy issues.”

Bacon, head of Moore Capital Management and a big Republican donor, is one of four billionaires on the 13-member advisory panel. The others, identified in Forbes rankings, are Joshua J. Harris, co-founder of Apollo Management; David A. Tepper, founder of Appaloosa Management; and British hedge funder Alan Howard of Brevan Howard.

(We should also note that the group also includes pro sports team owners. Tepper is part-owner of the Pittsburgh Steelers and Harris is the new managing owner of the Philadelphia 76ers.)

Other members of the committee include:

· Peter Fisher of BlackRock. Fisher is a former Treasury under secretary and executive VP of the New York Fed.

· Mohamed A. El-Erian, chief executive at PIMCO. He’s a former deputy director of the International Monetary Fund and headed Harvard Management Company, where he managed the university’s endowment.

· Deryck Maughan, managing director at KKR and former chief of Salomon Brothers.

· Keith Anderson, a co-founder of BlackRock and former CIO of Soros Fund Management. Anderson is reportedly setting up a new fund, set to launch next year.

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