Defenestrating Thoughts from the Bivouac

Michael Alix was the Chief Risk Officer at Beat Sterns for two years. This is the same Bear Sterns that collapsed spectacularly due its extremely risky subprime-mortgage related investments.

After failing so miserably at his job, where’s Alix today?

Well, while the country was busy watching the election, Alix was hired by the NY Fed to advise on bank supervision.

Now granted, the job of a risk manager is to analyze risk and submit reports to the senior management who then decide what to do. But, Alix was in a Chief Executive level position, so you’d think that he could influence his firm to avoid and offload the risk.

So Alix either didn’t see the risk coming or he did, but was unable to convince his peers of his assessment. Either way, he was incompetent at his job, yet now he works for the Fed.

Forget being paid to do nothing by working for the Big 3, I should have gone into banking. All you have to do is fail spectacularly and you get a sweet new job.

Or perhaps more accurately, I need to get myself membership to the old boys club.