How's this for sweet, sweet irony? The person who oversaw risk at Bear Stearns when it was driven into the ground for being overly risky has just landed a job at the New York Federal Reserve Bank of New York in charge of bank supervision.
Michael Alix, who was chief risk officer for Bear Stearns from 2006 until its demise earlier this year, will help oversee banks for the Fed in New York. He was appointed senior vice president in the Fed's Bank Supervision Group, reporting to William Rutledge, the group's head. Alix ran Bear's global credit risk management for the decade prior to become its chief risk officer.
(Pulled those comments from a blog. Can't post a link to blogs...so here's the Google search.
Michael Alix - Google News)
Fed Hires Bear Stearns Risk Boss
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Good to have friends, I guess.
Face....meet palm...../sigh
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