Fed Hires Former Bear Stearns Risk Officer To Regulate Banks
Posted on: Nov 5th, 2008 | By Andrew Snyder | Filed under Financial News
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?
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Andrew Snyder, Bear Stearns, Federal Reserve
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Andrew Snyder spent the first year of his career learning the intricate details of the financial industry as an advisor. But after realizing immense success, he wanted to spread his message to more than a handful of select clients. That is when he came to Today's Financial News and its sister publications. In addition to being a regular contributor to Today's Financial News, he is the Senior Editor of TFN Strategic Trader. With hundreds of articles, columns, interviews and even a book under his belt, Snyder's hard work and unique insight have been highly touted ever since.
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Today's Financial News provides an independent and practical perspective on the U.S. and global investment markets. We provide you with a free, reliable, easy, up-to-date, and focused resource to help you make your financial decisions with commentary, interviews, recommendations, and video. Today's Financial News includes the analysis and opinions of those editors whom we have come to trust over the course of the years.
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