In an earlier post I laid out how my distrust of conspiracy theories is being severely challenged by our government and what appears to be a naked power grab. I am loath to continue in this vein for fear of being labeled the nut job who writes about Area 51 and Men in Black. But my tin foil hat fits well and the strange shenanigans continue unabated at the government level.
WASHINGTON – The former chief risk officer at investment bank Bear Stearns Cos., which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks.
Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, was named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, the Fed announced. (emphasis mine)
So, just to make sure I am getting this straight: the senior man in charge of assessing risk for a company that… failed miserably in its risk assessments (costing billions) will now “help oversee the financial safety and soundness of banks.”
What?
We (the taxpayers) pledged $29 billion to backstop the sale of Bear Stearns to JP Morgan and the government hires the individual originally tasked with preventing such meltdowns and puts him in charge of evaluating bank risks?
Each time I find myself with tin foil hat in hand, I think it only prudent to end the post the same way I did that first one: I am no longer confused… I am scared. Are you? Are you paying attention?
(This post was first published here.)
Filed under: "TIN FOIL HAT" Productions
