Tuesday, November 25, 2008

Things that make you go hmmmmmmm...

Does anybody find it ironic that the Federal Reserve hired Michael Alix, the former Chief Risk Officer from the now-defunct Bear Stearns, to manage the Fed's risk profile? What on earth did he do right to manage Bear Stearn's risk--considering they were insolvent? I guess on Wall Street at least, losing money is a badge of honor and gets you fast-tracked into a top position within the government.

Also, what makes former investment bankers selling collateralized debt obligations (mortgage-backed securities) and credit default swaps competent fund managers? Many are out on the streets, and are now starting hedge funds, charging 2/20, I'm sure. It's astounding...fool me once, shame on you...fool me twice, shame on me...
Posted by Gaucho Greg at November 25, 2008
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2 comments:

  1. AnonymousNovember 25, 2008 at 12:31 PM

    Yes, "out on the streets", like other criminal "gangs"! Some people have no perspective & no conscience. It is very ironic that connections trump qualifications and experience, such that the status quo flows on like magma until the village is swallowed into the miasma. -- Ken

    ReplyDelete
  2. AnonymousNovember 25, 2008 at 12:31 PM

    Yes, "out on the streets", like other criminal "gangs"! Some people have no perspective & no conscience. It is very ironic that connections trump qualifications and experience, such that the status quo flows on like magma until the village is swallowed into the miasma. -- Ken

    ReplyDelete

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