As I've followed this year's financial crisis, one of the questions I repeatedly toss out to folks in the business is this: If we're headed for a tighter regulatory environment, is there enough readily available brain power out there that the government can hire in order to get a quick handle on how to organize and regulate the new banking sector, including the hugely complex derivatives markets that caused the credit crisis? Well, it looks like the New York Fed has one answer.
Michael Alix, who served as chief risk officer at Bear Stearns from 2006 through 2008. (Yes, his expertise is risk management, an area in which Bear clearly did not excel.) The Fed tapped Alix to serve as a senior vice president in the Bank Supervision Group, but declined to comment on his hire. His appointment was effective November 3, but -- as you can imagine -- the NY Fed ensured that very little publicity accompanied the start of his tenure.