To say former New York Governor Eliot Spitzer is no fan of the Federal Reserve Bank of New York would be an understatement.

After arguing financial regulatory reform proposals being discussed in Washington fall short, he said:

"One institution needs to be completely overhauled: The New York Fed," he said.

At a panel in New York,  Spitzer lambasted the  New York Fed as "an absolute sinkhole when it comes to what went on over the past ten years."

"There wasn't a single person there who knew what was going on because this was all one club," Spitzer said.  "Every member of that club wanted to protect what was going on," he said.