If you were in charge of risk management at a company that imploded due to over-leveraging, you might expect a tough time finding a new job. Not Michael Alix though. The former chief risk officer at Bear Stearns has just been hired by the Fed to advise on bank regulation. No joke.

More from Andrew Snyder at Today’s Financial News:

In one of the latest what-were-you-thinking moves, the Federal Reserve just announced it has hired Michael Alix as a bank regulation advisor.

Who the heck is Michael Alix, you ask? He is the former chief risk officer at Bear Stearns, a company that thought risk-management was an oxymoron. Essentially, he is the guy that allowed Bear Stearns to get so over-leveraged, it collapsed under its own weight.

Now, he is an advisor for the Federal Reserve. At the very least, he can tell us what not to do.

Frankly, I believe the Fed’s hiring of one of the executives at the center of today’s market fiasco proves that the “good-old boy” system remains alive and well in Washington. It is a disgrace.

Source: The Fed hired who?