The new Senior Vice President of the Bank Supervisions Group of the Federal Reserve Bank of New York is none other than (drum roll please)… Michael Alix. Michael was the former chief risk officer for Bear Stearns from 2006-2008, and prior to that the global head of credit risk management for the investment bank (1996-2006). So there are no excuses like “he inherited the problem.”
Former CHIEF RISK OFFICER, people. You’ve got to be kidding me. Maybe we should ask all of the common equity holders of BSC their thoughts on Senior Alix’s ability to manage risk. What planet are we living on? Was it opposite day? Or perhaps, the title more aptly denoted chief risk officer. No wonder why the economy is phuct (please pardon my german, but this is simply intolerable).
You know what I’d love to see… I’d love to see Ali G interview the HR manager on this one. Ya, I’d love to see that.