What is Digg?162 Comments
- pintomp3, on 11/05/2008, -4/+181the revolving door between corporations and the government needs to be jammed.
- downs1, on 11/05/2008, -5/+92This is truly amazing! A failed bank executive is like chronic heart burn, it keeps coming back! This doesn't exactly spark the confidence of investors. This is somewhat like Chris Dodd, Maxine Waters, Barney Frank and other Congressional people in the Fannie Mae and Freddie Mac mortgage loan situation. They had a direct hand in the failure of these government institutions, yet they are still around and they are as arrogant as ever.
It cost the American people 700 Billion dollars to bail out Wall Street, and we don't even know where that money is going! Now, here is "Michael Alix former head of risk management for Bear Stearns for two years until the institution imploded this spring, a victim of its (risky) subprime-mortgage related investments." But, the Fed sees fit to hire him as a consultant. What are they thinking? - inactive, on 11/05/2008, -5/+70end the F. E. D. ! Any thing less will not help
- ubenjammin2, on 11/05/2008, -4/+50Now on to be a part of an even more epic fail
- hugolp, on 11/05/2008, -3/+49He did his job well, ruining the bank and making a few people rich, at the expense of the rest. Now he gets his reward.
- jeffiek, on 11/05/2008, -2/+40To err is human, but to really foul things up requires a government.
- pathouston22, on 11/05/2008, -6/+36Obama voted for the bailout.
HOW ABOUT DAT CHANGE! - kaelyiesta, on 11/05/2008, -0/+21And not just with the fed. This is a rampant problem in many regulatory bodies. I keep repeating this point but it's worth spreading. Regulatory bodies are VERY susceptible to being controlled by the very businesses they 'regulate', which ends up increasing monopolistic and anti-competitive practices.
- pathouston22, on 11/05/2008, -9/+30You guys want to know the real funny part?
22 out of 24 incumbents got re-elected in the Senate. Only 15 incumbents in the House got thrown out. Our new president voted for the bailout.
Americans have short memories it seems. Our wonderful do-nothing Congress is BACK!!! Jokes on ya'll. - Temo1, on 11/05/2008, -0/+19"It cost the American people 700 Billion dollars to bail out Wall Street, and we don't even know where that money is going! "
Actually we know where the money is going: http://bailoutsleuth.com/
Stay informed. I am. - Temo1, on 11/05/2008, -5/+23Your (the digger who submited this) argument is flawed. One of the problems in this crisis is that outsiders don't really know the true complexity and extent of the derivative problem, which is extremely opaque.
The best way to tackle it is to talk to people who were close to the situation and have first hand experience. He's not making policy, he's there for information. - theNazz, on 11/05/2008, -7/+23No massive failure goes without reward in the Bush Administration.
I hope that trend is one of the first things to 'change' with the Obama Administration. - grantface, on 11/05/2008, -1/+16***** the FED.
- rv361162, on 11/05/2008, -1/+16F.everishly
E.xploding the
D.ollar - metapop, on 11/05/2008, -1/+14END THE FED!
- Corrosionx, on 11/05/2008, -0/+13Come on now. We all know they are both bought and paid for by the same people. Stop fighting, wake up, Obama is going to continue the Bush agenda like Bush was continuing the Cliton agenda... because it's all the same agenda. They work for the same people.
- Naieve, on 11/05/2008, -1/+14What's funny is that everyone expects Obama to solve everything, despite the fact that Congress is the one in charge...
I voted for Obama, yet I expect him to fail miserably, as Congress is bought and paid for, and I'm not talking about their government salaries. - rv361162, on 11/05/2008, -2/+14Exactly.
Pissed and then lulled right back to sleep.
Ridiculous uneducated, easily sculpted American voters, sheesh. - inactive, on 11/05/2008, -1/+12 From the Fed's perspective he's not a failure. He enriched himself and his buddies at the expense of citizens and taxpayers, that makes him a huge success in their eyes.
- DangerCollie, on 11/05/2008, -3/+13That's not America, that's the Bush administration. Hire the Arabian horse guy to run FEMA, a political lackey to run the Justice Department, the cabinet member who dropped the ball on 9/11 gets a promotion to Sec of State, a religious wingnut to run the FDA...the list goes on and on. And you're surprised they pick a failed exec to work at the Fed?
I'm surprised they didn't hire GM's CEO. - lpferris, on 11/05/2008, -4/+13This guy was the head of risk management! If "risk management" means what I think it does, than he was directly responsible for the Bear Sterns collapse because he didn't manage their risk very damn well.
Please read the article first, then comment. - geesamba, on 11/05/2008, -0/+9What exactly is a "man top"?
- Miche1987, on 11/05/2008, -0/+9Your comment, coupled with your username makes me extremely uneasy.
- rv361162, on 11/05/2008, -0/+8How about picking someone, ohhhh, lets say a top economics professor who's a republican from a well known university.... who's black, maybe?
Unheard of, you say?
WALTER WILLIAMS, PLEASE THANK YOU.
http://www.gmu.edu/departments/economics/wew/ - MeatMountain, on 11/05/2008, -0/+8I'll show ya
- Temo1, on 11/05/2008, -1/+91. He was there for 2 years, after many of the riskiest investments had already been made.
2. Who would have a better idea of what went wrong than a guy who was knee-deep in the stuff as it was crumbling? Again, he's there for consulting, for providing his knowledge and information. He's not going to be making decisions.
In the financial world, information is KING. Those has have it make money. Those that don't are playing catch up. - netant, on 11/05/2008, -1/+9He headed RISK assessment! It was HIS job to make sure Bear Stern did NOT go bankrupt from risky investments.
- Temo1, on 11/05/2008, -2/+10You know "FED" is actually "Fed" and it's just short for "Federal", right?
- Miche1987, on 11/05/2008, -0/+8Bravo, sir.
- StewMeat, on 11/05/2008, -3/+10This is the FED people, you realize they are only out to make themselves as much money as possible, are privately owned, and crooked as hell?
Watch and learn.
http://video.google.com/videoplay?docid=-515319560 ... - sockpuppets, on 11/05/2008, -0/+7Use lube.
- vurb, on 11/05/2008, -2/+9The Fed isn't the government. Whatsoever. This here is more like a revolving door between corporations.
- SmokinOkie, on 11/05/2008, -0/+7Can you say "kick back"
- revjustin2, on 11/05/2008, -0/+7Sweetness! Thanks for the link!
- revjustin2, on 11/05/2008, -0/+7I say BS on that. It's not as complex and opaque as they want you to believe. Not to say it's simple, but the whole "economics is complex and scary" thing is a bunch of smoke and mirrors designed to keep people disinterested and uninvolved.
- SilverBlade2k, on 11/05/2008, -3/+10"The Fed" is about as 'Federal' as Federal Express.
- harmil, on 11/05/2008, -1/+7"The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act"
Can you please point me to the Act of Congress that created Federal Express? - inactive, on 11/05/2008, -4/+10Yup, we're pretty much *****.
- pathouston22, on 11/05/2008, -1/+7I'm a Bush supporter as much as you are an idiot.
Oh wait, bad example. - danthepiercer, on 11/05/2008, -0/+6UN-*****-BELIEVABLE !!!
- woofers07, on 11/05/2008, -1/+7So you're saying that there actually is SOME sort of separation between corporations and government? That's news to me.
- thcobbs, on 11/05/2008, -0/+6Hopefully they will be using him in an inverse-advisor role. Everything he says to do... the make sure to do the opposite.
- attackpanda, on 11/05/2008, -0/+5Yes, leadership isn't about being a good leader, it's...uh...it's about...line?
- milfrie, on 11/05/2008, -1/+6everyone thinks that the government is the enemy of big business.. what a joke!
I like what Friedman said--I am paraphrasing here--he said on the Phil Donahue show--...what is it that makes you think that political self interest is somehow more noble or trustworthy than economic self-interest. Sort of off topic, but why do people trust the politicians and automatically distrust business? Politicians are usually independently wealthy and just want power. - TheInformer, on 11/05/2008, -0/+5This is just as amazing as having for a campaign finance director a Freddie Mac executive that that was paid millions upon millions of dollars.
- origin, on 11/05/2008, -0/+5The Fed should be taken down. They are killing us, we should return the favor....
- Temo1, on 11/05/2008, -0/+5Economics is not complex or scary. Deriviatives are, which is where the Buffet-coined moniker "Financial Weapons of Mass Destruction" comes from. Some of these things were created by Physicists and Mathematicians and the like.
In truth, even some of the finance people who used and traded these instruements didn't fully understand what they were dealing with. Even credit rating agencies, whose job is to CERTIFY the risk of these investments didn't fully grasp them... we're talking about stuff that was rated AAA+ (the best credit rating) defaulting. That was almost unheard of before this crisis. This is one of the main causes of the widespread nature of the crisis: institutions dealing in trades they didn't fully understand. - Temo1, on 11/05/2008, -0/+5Only Alix isn't the one driving your car, he's the one telling the driver how he crashed his car.
- dilpil1, on 11/05/2008, -0/+4He wasn't just an officer. He was head of RISK MANAGEMENT. Out of the entire company, he is probably the most responsible for the companies collapse.
- SmokinOkie, on 11/05/2008, -2/+6What did you think was going to happen? These asshats will always protect their own. Throw them all out of office EVERY time a politician comes up for re-election!
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