At some point, as much as you love this Republic, you come to the realization that it is being run a small group of interlocking incompetents, so out of touch with the rest of America, that they think THIS is sound policy.
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, according to an announcement by the Fed. Read more….
Here is the original press release from Bear Stearns in 1997:
Jan. 20, 1997–Bear, Stearns & Co. Inc. announced today that Michael J. Alix has joined the firm as a senior managing director and head of the Global Credit Department.
Prior to joining Bear Stearns, Mr. Alix was the director of credit of Merrill Lynch Japan and a member of Merrill Lynch & Co., Inc.’s Global Credit Committee. Based in Tokyo, his responsibilities included credit risk management for the firm’s activities in Japan, Korea, Australia and New Zealand, with prior active involvement in activities in Southeast Asia. Mr. Alix was with Merrill Lynch for over eight years and joins Bear Stearns with extensive experience in the analysis, rating, approval, monitoring and risk reporting of various credit portfolios.
Mr. Alix had served as vice president and managing credit officer of the U.S. financial institutions area of Merrill Lynch & Co., Inc. prior to his promotion in 1993 to director of credit of Merrill Lynch Japan. He holds an MBA from The Wharton School of The University of Pennsylvania and a BA from Duke University.
His specialty was credit risk management! For the last two years, he was in charge of risk management at Bear Stearns.
Did we hear or read anything from Alix suggesting that the mortgage securities industry was going to implode? Not a word.
Here is a man that was charged with judging the risks of Bear Stearns and their investments and he failed miserably at that job.
Yet the Federal Reserve picks him to do essentially the same job, but this time with our tax money?
This is unacceptable. Disaster happens on this man’s watch and the Fed hires him!
Our government needs to hire outside of their small circle of acquaintances, college buddies, and business partners.
Do you mean to tell me, that a successful risk management officer wasn’t available from a bank that avoided the entire mortgage crisis?
Mr. Alix and the Wall Street clique that seem to be running the Fed’s bailout program are the cause of the problem and they will not be the answer.
We need a national uprising, similar to the backlash that defeated amnesty, against this outrage. The Fed has literally appointed the fox to guard the hen house.
Write the Fed here and tell them you want someone not involved in a business receiving Federal assistance, especially a business that failed so horribly, to replace Michael Alix.
Tell the Fed that their incompetence is not acceptable. Tell them their disregard for the fortunes of the Republic are near criminal. Tell them you want an honest man or woman, a competent man or woman, a man or woman not associated with failed institutions to oversee the bailout process.
Tell them you expect virtuousness, thrift, and competence in our national figures, not avarice and cronyism.
Trackposted to Rosemary’s Thoughts, , third world county, Woman Honor Thyself, The World According to Carl, Pirate’s Cove, , The Amboy Times, Cao’s Blog, A Newt One, nn&v, Democrat=Socialist, Conservative Cat, and Right Voices, thanks to Linkfest Haven Deluxe.
Update: Title fixed.
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Tags: Federal Reserve, Michael Alix
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The Federal Reserve Appoints Former Bear Stearns Senior Risk Manager to Verify Soundness of Banks…
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