hahahahahahaha.....federal reserve hires bear stearns risk chief to supervise bank soundness...
Posted by
x (aka dmuck)
Nov 4 '08, 02:42
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You cannot make this stuff up. From the Federal Reserve Bank of New York's web site:
Michael Alix has been named a senior vice president in the Bank Supervision Group of the Federal Reserve Bank of New York. He will serve as a senior advisor to William L. Rutledge, executive vice president, Bank Supervision Group....
Most recently, Mr. Alix worked for the Bear Stearns Companies, Inc., where he served as chief risk officer from 2006-2008 and global head of credit risk management from 1996-2006. His prior experience included eight years at Merrill Lynch & Company where he was a director, Asia chief credit officer and a vice president, head of North America financial institutions credit. He began his career with the Irving Trust Company where he served as an assistant vice president and lending officer.
As John Carney of Clusterstock, who found this remarkable tidbit, noted:
We suppose that Alix at least has plenty of experience with unsound banking institutions. He was the chief risk officer of Bear Stearns from 2006 until 2008. So, basically, he was the guy on the mast charged with yelling "iceberg" just before the Titantic introduced its bow to a floating hunk of ice.
We have our own paranoid pet theory as to how this appointment might have come about. Who would know better what was in the dreck pool that the Fed has parked over at BlackRock than the former chief risk officer? If Alix knows a few embarrassing things, might be wise to give him an incentive not to talk them up.
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Responses:
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In your opinion, if Obama wins tonight, any clues to who he'd be looking towards for SecTreas?
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Will Hunting
Nov 4, 02:57
6
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taurus linked that this afternoon. it's an, um, interesting choice. "so, everything BS did? yah, don't do that." -- nm
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citizen b.
Nov 4, 02:57
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alright fox, here's your chicken coop. try and take good care of it. -- nm
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mafic
Nov 4, 02:49
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