Tuesday, November 04, 2008

Fed Appoints Bear Stearns Risk Manager to Oversee Banks!

The Fed released the story on a Halloween Friday before the election, perhaps they did not want this decision to have a high profile.

Their website reads, "Michael Alix has been named a senior vice president in the Bank Supervision Group of the Federal Reserve Bank of New York. 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".

Hope has nothing on these guys when it comes to audacity. This is the guy who should have warned them off everything Stearns was doing. How on earth is this the person to put in charge of other banks?

To the heartland, it just looks there is a small fraternity of financial guys who look out for one another. Due to stupidity and corruption on the part of our elected officials- and the population which continues to vote for them- they now have access to the public treasury to "help a brother out".

The Fed is a cabal of private banks, we should not expect them to act in the public interest simply because they have vast access to public resources. When they make money they divide the profits among themselves. When they lose it, the bill is passed the taxpayers. It's time we talked about a post "Federal" Reserve money system.

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