Here we go again!
The Federal Reserve Bank of New York has announced that Michael Alix was appointed to a senior vice president position in the bank supervision division.
What am I missing here?
Don't know who Michael Alix is? Let me tell you.
Mr. Alix worked at Bear Stearns for 12 years. Does Bear Stearns ring a bell?
Mr. Alix had been the senior risk manager at Bear Stearns, a position he held since 2006. Still not ringing a bell?
From 1996 to 2006, Mr. Alix was Bear Stearns' global head of credit risk management. Need more help?
Before 1996, Mr. Alix was credit officer and vice-president at Merrill Lynch.
Bear Stearns collapsed in March 2008. The Federal Reserve -- yep, the one that just hired Mr. Alix -- jumped in and helped steer a sale of Bear Stearns to JPMorgan Chase.
The Federal Reserve put up $29 billion of the taxpayers' money to make the sale of Bear Stearns appealing to JPMorgan Chase.
Merrill Lynch sold itself to Bank of America in order to prevent bankruptcy.
Both Bear Stearns and Merrill Lynch cost their investors billions of dollars.
In his new position, Mr. Alix will help monitor banks to ensure their financial soundness.
So we have Mr. Alix's 20 years of experience screwing up Merrill Lynch and Bear Stearns, only to be rewarded with a position with the company that bailed his company out with taxpayers' money.
Now I don't know about you, and I've only read the various stories put out by the liberal media (and the conservative media at Fox News, San Diego Union-Tribune, and America Online), so I might not be aware of the complete story, but right now I'm not quite comfortable with what has gone here.
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