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The Federal Reserve System does not oversee hedge funds, so the premise of the title is ridiculous.
by wtn 11y ago
The Federal Reserve System does not oversee hedge funds, so the premise of the title is ridiculous.
- howierst 11y agoOf course, YC commenter to the rescue!
- kingkawn 11y agoThe idea that this is not corrupt because of a regulatory formality about what kind of financial institution he joins is more ridiculous.
- bobcostas55 11y agoThe whole problem with "revolving doors" is that people regulate the same places they then work at. This creates bad incentives and corruption. If Bernanke was in charge of HF regulation and made special rules that helped Citadel and then went to work there..that's an issue. And it happens all the time in certain industries. I don't see the corruption angle here. Can you point to specific actions Bernanke took as Fed Chairman that you think he is now being paid for?
- VienneseCPA 11y agoThis game will help you learn about the Fed: http://sffed-education.org/chairman/ http://sffed-education.org/chairman/ The Fed "regulates" (I use the word loosely) interest rates. Lots of trading (by hedge funds and others) depends on expectations about future monetary policy. _Maybe_ the former Fed chairman would have insights about that?
- kingkawn 11y agoYou want me to point out a moment where Bernanke is corrupt, but I'm suggesting that the setup itself is the corrupt part. The people who steward the economy live and work alongside the people working their hardest to exploit it. With his turn at the helm complete he seamlessly steps across the boundary that never really was there in the first place.
- tw04 11y agoNo, but the SEC does, and to say that Bernanke is familiar with the leadership at the SEC would be the understatement of the century. Given that his title is "adviser", I struggle to believe they hired him for any other reason. That term seems to come up again and again when people leave capital hill for the private sector to land cushy jobs where they get paid to take their friends out to dinner.
- tw04 11y agoNo, but the SEC does, and to say that Bernanke is familiar with the leadership at the SEC would be the understatement of the century. Given that his title is "adviser", I struggle to believe they hired him for any other reason. That term seems to come up again and again when people leave capital hill for the private sector to land cushy jobs where they get paid to take their friends out to dinner.