You just can't make this stuff up, Folks!

By
Real Estate Agent with HomeSmart Realty West CalBRE #01458572

 

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.

Huh?

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.

 
Be sure to scroll down for titles and quick links to some of my other blog entries.


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Some of Jim's blog entries

  1. Another case of anyone can sue anybody at any time for any reason
  2. Wedding, wedding rings, honeymoon, and wedding gift
  3. Loose lips don't always sink ships. Sometimes they just make you smile.
  4. How much sleep do you get each day?
  5. Tuesday laugh session with the "treadmill kitty cats"
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Rainer
88,830
James Engel
Keller Williams Realty Beverly Hills - Beverly Hills, CA
KW Beverly Hills

Very interesting position for a person with such a vast experience (lol) , I am amused by the choices the government makes for such crucial positions.

Nov 05, 2008 01:31 PM #1
Rainmaker
1,747,783
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Hi Jim

Do you think that they forget to check out the references on his resume?

Good luck and success

Lou Ludwig

Nov 05, 2008 01:34 PM #2
Rainer
207,212
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

James I dont think its a coincidence when they pick people like this to serve in these positions. Money does the talking and it is quite clear what is going on here. Why isnt this guy in jail awaiting his trial? I really hope things change.

Nov 05, 2008 01:35 PM #3
Rainer
11,879
Nicholas Ellsworth
North American Title Co. - Burlingame, CA

Wow.  I was not aware of this.  It looks like greed will continue to make the world go round.

Nov 05, 2008 01:41 PM #4
Rainmaker
664,355
June Piper-Brandon
Century 21 New Millenium - Baltimore, MD
Piecing Dreams One Home at a Time

I hadn't heard that, but I've been pretty busy today.  I sure hope things change for the better under the new regime but I'm not holding my breath.

Nov 05, 2008 02:45 PM #6
Ambassador
1,195,475
Paul Henderson
RE/MAX Professionals. - Tacoma, WA
I always put my clients first in any transaction!

Jim, I wonder what he's doing with his golden parachute money. It seems that everyone who screwed up got rewarded handsomely???

Nov 06, 2008 10:13 AM #7
Rainmaker
255,204
Robin Rogers
Robin Rogers, Silverbridge Realty, San Antonio, Texas - San Antonio, TX
ABR, CRS - Real Estate Broker & Investment Adviser

Jim, check out Hank Paulson's background if you haven't already. I recently read, in TIME, I think, about his lobbying the SEC. Here's what it says in Wikipedia:

"In 2004, at the request of the major Wall Street investment houses, including Goldman Sachs, then headed by Paulson, the U.S. Securities and Exchange Commission agreed unanimously to release the major investment houses from the net capital rule, the requirement that their brokerages hold reserve capital that limited their leverage and risk exposure."

Setting the wolf to guard the sheep?

Cheers,

Robin

Nov 09, 2008 11:09 AM #8
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Rainmaker
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Jim Frimmer

Realtor & CDPE, Mission Valley specialist
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