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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
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.
Originally posted by Karlhungis
Do you think they can keep from laughing when they make these choices? I mean seriously.... what are they thinking? They couldn't find someone that wasn't attached to a bank that failed for this particular job?
In an attempt to prevent a global shortage of dollars the Federal Reserve Bank is offering loans of up to $30 billion each to Mexico, Singapore, South Korea and Brazil, according to The Washington Post.
The move is hoped to allow the central banks in those nations to pump cash into their strapped financial systems. While there is reason to ensure stability in the world markets, the Federal Reserve cannot honestly believe that $30 billion will solve any systemic problems. Considering how much money has been wasted in futile bailouts and “capital infusions” in the United States – nearly $1 trillion has been ear-marked thus far – it borders on ridiculous to believe that this move will help other nations. There is no reason for the Federal Reserve to be expending any of its efforts propping up other nations when so much needs to be done at home.