What A Joke: Federal Reserve Hires Chief Risk Officer Of Bear Stearns

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What A Joke: Federal Reserve Hires Chief Risk Officer Of Bear Stearns

By John Lee on November 5, 2008 | More Posts By John Lee | Author's Website

Is this a joke? Hiring a Chief RISK Officer of a FAILED i-BANK to Advise on BANK supervision? They couldn’t find ANYONE else?

NEW YORK, Nov 4 (Reuters) - The Federal Reserve Bank of New York has hired the former chief risk officer of Bear Stearns Cos, Michael Alix, to advise on bank supervision, according to a release in the Fed’s Web site.

Alix will serve as a senior advisor to William Rutledge in the Bank Supervision Group and his appointment is effective Nov. 3, according to the release dated Oct. 31

At Bear Stearns, an investment bank that collapsed in March and has become hallmark of the global credit crisis, Alix served as chief risk officer from 2006 to 2008 and global head of credit risk management from 1996 to 2006.

Before that, he spent eight years at Merrill Lynch & Company

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