Senior Risk Officer For Collapsed Bear Stearns Now Senior Fed Official Overseeing Banks

The former chief risk officer at investment bank Bear Stearns , which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks.

Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, was named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, according to an announcement by the Fed.

Read the whole story here.

Comments

[PT6]

TYPICAL FED appointment: FOXES guarding the FOXES!

[mrcontinental]

I'm feeling pretty confident about this development. Aren't you?

[DougNTexas]

The whole lot are idiots.

[PT6]

The ROOT CAUSE is the "TRICK" Mortgage CRISIS not the Banks!

What can Obama do?

Bush-Paulson are President!

If Bush-Paulson will step DOWN then Obama can implement change!

Otherwise, we are stuck with Bush until January 21, 2009.


Banks are NOT LENDING so it is time to stop the BAIL OUT!

If banks refuse to cooperate then lets stop this GIVE-AWAY!

The Banks must return the funds to the Taxpayers so we can Bail out the Homeowner Walking-Aways and Bankruptcies.

[jsarets]

The biggest danger of deregulation is that nobody outside of the industry knows what the heck is going on. Everybody in the know works or has recently worked in the financial industry. There are very few professional financial regulators whose personal success is independent of the industry. We put those people out of work and essentially forced them to take jobs in the industry.

We have to continuously cultivate independent public regulator professions for these large industries, even if they usually behave themselves, because we have to have competent regulatory resources available in the inevitable event of misconduct. If the public sector doesn't maintain these skills, then it surrenders to the will of the private sector.

[sonoffestus]

So, how long do we have to stay bent over holding our ankles?

[HurryUp1212009]

More rewarding mediocrity and failure. And you wonder why the US is in a financial mess???

[OB-GYN]

From a blogger at the NY Times on this article:

We"ll know PDQ whether Obama is for real about the economy should he appoint as Treasury Secretary a Wall Street insider who wrecked his or her firm. Among those folks I include Robert Rubin, Sally Krawshack, Stanley McNeil, Franklin Reins, and Zoe Cruz.
Better safe than sorry. Staying 50% in high yielding CDs and the rest in solid dividend stocks until Obama shows his real economic cards..
This entire bailout is a grand mess! Problem is, Americans have limited recourse now. Shame on our legislators and treasury for allowing this to go on.

[MilwaukeeDan]

Anyone see Dylan Radigan's anti Wall St. rant on Donny Doutsch's CNBC show last night? PRICELESS!! Can someone provide a link, it's worth watching again.

[schatsie]

this is as INSANE as the stupid 700 billion dollar blank check and that limiting CEO compensation would be PUNITIVE..

DOGGONE, NO MORE APPROVALS FOR ANY BUSH APPOINTEES.... and Barack had better get the WHISTLEBLOWER committee together to vet these people,,, there are plenty of people out there who can assess the resumes and c vs and even get into their compensation and finances....

LETTING THESE FOXES INTO THE CHICKEN COOP is absolutely nuts!!!!

[Sundialsvc4]

For many years, a hang of well-placed criminals has been engaged in what will one day be seen as the biggest swindle ever pulled. It happened because it was, and continues to be, aided-and-abetted all the way to the top. You can find their names when you look at who contributed various parts to the "bail-out bill," and what those parts (booklets, really...) actually say.

These criminals continue. The Treasury Department is thick with them (no surprise), and those cats have got lots and lots of "friends" in Congress. Especially also that office that is "one gunshot away from the White House at all times." No remorse. Sociopaths all. Exactly as "Ike" Eisenhower warned us it would be.

What did "Ike" say? Wiki "military industrial complex" and read it. At other times he warned us that this would usurp every social priority. It did. Swiftly.

Crime is simple: it doesn't stop until you stop it. Having no scruples, it has no self-restraint.

[MilwaukeeDan]

sundial, we would have been considered crazy conspiracy theorists to mention this just a year ago, but Dylan Radigan, of all people and to an extent, Jim Cramer were saying the same thing on Donny Doutsch's CNBC show last night!

[Kache]

Well of course he is. He's one of the few who knows where the money's hidden. You didn't expect them to hire Joe the Plumber, did you?

[JRsNana]

So, $700 billion and we're letting the foxes guard the henhouse. A perfect ending to the last eight years of incompetance.
He needs to GO - NOW!
This is a complete outrage and an insult.

[scadabout]

WTF!!!!!!!!!

[JRsNana]

Took the words right out of my fingers scadabout!

[darthdarcy]

That makes sense, let's not just have the barbarians at the gate, but as the very gate keepers..!

[scadabout]

or make the gates them selves