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(The New York Times)   Ben Bernanke takes six-figure speaking fee from the very banks and hedge funds he was in charge of regulating as Chairman of the Federal Reserve. "Say it ain't so" trifetca in play   (dealbook.nytimes.com) divider line 57
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1753 clicks; posted to Main » on 24 May 2014 at 5:38 PM (12 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-05-24 04:56:58 PM
During his eight years as steward of the world's largest economy, Mr. Bernanke's salary was about $200,000 a year. Now he makes that in just a few hours speaking to bankers, hedge fund billionaires and leaders of industry.

Nuke it from orbit. Only way to be sure.
 
2014-05-24 05:41:18 PM
Wow. People associated with the Fed doing things that benefit the banks more than the citizens of the US? Say it aint so.
 
2014-05-24 05:42:21 PM
I can see why his knowledge could be considered useful, and I can certainly see why he'd take the money, I sure as hell would.
 
2014-05-24 05:43:06 PM
www.csmonitor.com

Reading this right now. Getting a kick, etc.

Had no idea Alan Greenspan was married to Andrea Mitchell. The dude really has a thing for journalists (if you want to call Barbara Walters a journalist).
 
2014-05-24 05:43:22 PM
I read that as "spanking fee" and it still made sense.
 
2014-05-24 05:44:58 PM
If he is unfortunate enough to have an untimely 'suicide'
 
2014-05-24 05:45:41 PM
glassmagazine.com
 
2014-05-24 05:46:07 PM
i762.photobucket.com

Just one more example in a long line of examples.
 
2014-05-24 05:47:08 PM
Thanks, Obama! (this time I can say it without being sarcastic)
 
2014-05-24 05:49:03 PM
If you're surprised, you haven't been paying attention.
 
2014-05-24 05:53:12 PM
Hey, maybe the burnout has some useful pointers for our Wall Street criminal friends.


there is also a revolving door between corporate brass/CEO's and high government positions.  coincidence i'm sure and can only be a good thing for Democracy.
 
2014-05-24 05:53:49 PM

taurusowner: Wow. People associated with the Fed doing things that benefit the banks more than the citizens of the US? Say it aint so.



you could knock me over with a feather i'm so shocked.
 
2014-05-24 05:54:29 PM

Whatchoo Talkinbout: If you're surprised, you haven't been paying attention.



lol   if you are surprised, your IQ can't be above 65.
 
2014-05-24 05:55:12 PM
Bernake? Bernake? That guy still owes me money!
 
2014-05-24 05:55:12 PM

kling_klang_bed: Thanks, Obama! (this time I can say it without being sarcastic)



yea, that never happened under george bush jr. or ronnie reagan.
 
2014-05-24 06:01:23 PM

phillydrifter: Bernake? Bernake? That guy still owes me money!


cdn.hark.com
who's awesome? you're awesome!
 
2014-05-24 06:06:39 PM

Linux_Yes: taurusowner: Wow. People associated with the Fed doing things that benefit the banks more than the citizens of the US? Say it aint so.

you could knock me over with a feather i'm so shocked.


Hold on, I'll fetch the fainting couch!
 
2014-05-24 06:07:42 PM
This is one of the more tame interactions between (former) government workers and the people he was supposed to regulate. It's not like they don't go back and forth between vocations, or do both at the same time.

This is like getting mad at a serial killer for stealing a pencil
 
2014-05-24 06:11:34 PM
A speaking gig isn't quite a job with some bank or lobbying firm. He basically shows up and tells obscenely rich people a bunch of things that the vast majority of them already know. If Ben Bernanke wants to fleece the bankers, good for him.
 
2014-05-24 06:12:05 PM

God-is-a-Taco: This is one of the more tame interactions between (former) government workers and the people he was supposed to regulate. It's not like they don't go back and forth between vocations, or do both at the same time.

This is like getting mad at a serial killer for stealing a pencil


Actually that was a bad analogy because stealing a pencil is minor.
This is like getting mad at a war criminal with 50,000 confirmed rapes and murders for bombing an animal shelter.
 
2014-05-24 06:15:45 PM
Well if Jordan Belfort (that wolf of wall street guy) can get 30k to speak, Bernanke who was one of the most powerful men on earth when Chairmen of the fed is actually probably worth that much.

Any insight as to when the fed is going to change it's policy is golden to bankers/hedge funds.

I write this because I think it is being implied that it's some type of payment for previous services rendered.
 
2014-05-24 06:16:12 PM

hawcian: A speaking gig isn't quite a job with some bank or lobbying firm. He basically shows up and tells obscenely rich people a bunch of things that the vast majority of them already know. If Ben Bernanke wants to fleece the bankers, good for him.


Fleece? The people that Bernanke is speaking to could probably rustle up Bernanke's speaking fee by digging between their sofa cushions where the spare change falls.
 
2014-05-24 06:17:01 PM

God-is-a-Taco: This is like getting mad at a serial killer for stealing a pencil


This is like getting mad at Hitler for farting in the elevator.
 
2014-05-24 06:21:26 PM

kling_klang_bed: Thanks, Obama! (this time I can say it without being sarcastic)


Obama also put one millionaire Wall Street defense attorney in charge of the Department of Justice and another in charge of the DOJ's criminal division.

Strangely, those guys declined to even attempt to prosecute their former and future clients for the rampant, systemic fraud that destroyed the economy.
 
m00
2014-05-24 06:23:02 PM

BullBearMS: Obama also put one millionaire Wall Street defense attorney in charge of the Department of Justice and another in charge of the DOJ's criminal division.

Strangely, those guys declined to even attempt to prosecute their former and future clients for the rampant, systemic fraud that destroyed the economy.


Yeah, I guess Obama had a magical time machine.
 
2014-05-24 06:24:13 PM

Hetfield: God-is-a-Taco: This is like getting mad at a serial killer for stealing a pencil

This is like getting mad at Hitler for farting in the elevator.


Like getting mad at Obama for eating arugula.
 
2014-05-24 06:28:40 PM

fusillade762: Reading this right now. Getting a kick, etc.


Everybody should read, 'This Town'.

There is an excerpt you can read free on BillMoyers.com.

Also, Bill devoted an entire episode of his PBS show to an interview with the author that you can view free.
 
2014-05-24 06:28:54 PM
Regulatory capture, it happens everywhere.  Drugs (legal), banking, environment, insurance, etc...  Name a regulated industry and it's guaranteed.
 
2014-05-24 06:31:43 PM

m00: BullBearMS: Obama also put one millionaire Wall Street defense attorney in charge of the Department of Justice and another in charge of the DOJ's criminal division.

Strangely, those guys declined to even attempt to prosecute their former and future clients for the rampant, systemic fraud that destroyed the economy.

Yeah, I guess Obama had a magical time machine.


It doesn't require a magical time machine to place Eric Holder, a millionaire Wall Street defense attorney, in charge of the Department of Justice.

Or to stack the DOJ full of other Wall Street defense attorneys, right after the banks they serve destroyed the economy.
 
2014-05-24 06:44:27 PM

siva: Regulatory capture, it happens everywhere.  Drugs (legal), banking, environment, insurance, etc...  Name a regulated industry and it's guaranteed.


*DING* *DING* *DING*

Did anybody notice that one of the principal looters in Atlas Shrugged was a businessman? Orren Boyle, that name ring a bell? There was a reason for that. Oh, you thought the book was about "all businessmen = good"? You freaking idiots.
 
2014-05-24 06:44:44 PM

Hetfield: God-is-a-Taco: This is like getting mad at a serial killer for stealing a pencil

This is like getting mad at Hitler for farting in the elevator.


Well he did have a thing for gassing people.
 
2014-05-24 06:47:46 PM

fusillade762: Hetfield: God-is-a-Taco: This is like getting mad at a serial killer for stealing a pencil

This is like getting mad at Hitler for farting in the elevator.

Like getting mad at Obama for eating arugula.


It's more like getting pissed off at Obama for putting a cable and cellular lobbyist in charge of regulating those industries at the FCC.

Who could have foreseen that he would immediately propose destroying the concept of Network Neutrality???
 
2014-05-24 06:51:06 PM
The SEC is one of the biggest jokes there is.  It's a complete revolving door.
 
m00
2014-05-24 06:52:57 PM

BullBearMS: It doesn't require a magical time machine to place Eric Holder, a millionaire Wall Street defense attorney, in charge of the Department of Justice.

Or to stack the DOJ full of other Wall Street defense attorneys, right after the banks they serve destroyed the economy.


Then it's the Republicans fault. If it wasn't for those obstructionist Republicans, Obama could have placed real reformers in his cabinet.
 
m00
2014-05-24 06:54:47 PM
BullBearMS:

I was making a joke that those are the default responses when Obama takes a less-than-admirable stance or action. :p
 
2014-05-24 07:20:19 PM

Fart_Machine: Hetfield: God-is-a-Taco: This is like getting mad at a serial killer for stealing a pencil

This is like getting mad at Hitler for farting in the elevator.

Well he did have a thing for gassing people.


are you a real life wizard?
 
2014-05-24 07:29:02 PM
Where's an Iranian judge when you need one?
 
2014-05-24 07:30:13 PM
I don't have a problem with this.  He was a (relatively) low-paid public servant for many years.  Of course he could have made much more money in the private sector, as many government employees can.
 
2014-05-24 07:31:20 PM
What a 'tard. He could get seven figures, easily.
 
2014-05-24 07:58:06 PM
Someone had better tell the president
 
2014-05-24 08:01:53 PM
Heh.

Senate banking committee. Democratic head is Tim Johnson. Republican is Mike Crapo. Take a look at who donates to them by clicking on their names.

Best government money can buy.
 
2014-05-24 08:04:41 PM

Linux_Yes: kling_klang_bed: Thanks, Obama! (this time I can say it without being sarcastic)


yea, that never happened under george bush jr. or ronnie reagan.every President since Eisenhower warned us about it in 1961


/FTFY

http://www.youtube.com/watch?v=mBwFDevJ7ls
 
2014-05-24 08:22:56 PM
Today I learned that literally no one on Fark has even the slightest clue as to what the Federal Reserve does.
 
m00
2014-05-24 08:43:24 PM

kiwichan: Today I learned that literally no one on Fark has even the slightest clue as to what the Federal Reserve does.


http://www.federalreserve.gov/

They do a lot of things to control market fluctuations to create market stability and generally implement monetary policy.  If some politician says "I want consumer spending to go up" you can't just pass a law to make that happen. You tell the Fed to make that happen, and they come up with a plan they think will work (economics is an incredibly complex field).

HOWEVER, they are also a regulatory body charged with oversight and supervision of banking practices. Which is why it is a huge conflict of interest that the banks supposedly under supervision (you know, the ones that caused the economic crisis) can pay 6 figures to Ben Bernanke to speak at a dinner.
 
2014-05-24 11:18:21 PM
Hey, a man's gotta feed his family. He may make a lot of money, but he spends a lot, too.
 
2014-05-24 11:46:21 PM
Meh.

When I worked for Cisco, they had Guiliani, Colin Powell, Bill Clinton and some high profile folks as keynote speakers at the annual sales meetings.

I think Uncle bill got $150K in 2006 and IMO it was well worth it.
 
2014-05-25 12:06:20 AM

Linux_Yes: kling_klang_bed: Thanks, Obama! (this time I can say it without being sarcastic)


yea, that never happened under george bush jr. or ronnie reagan.


The ol blame bush never gets old does it.
 
2014-05-25 12:12:02 AM

kiwichan: Today I learned that literally no one on Fark has even the slightest clue as to what the Federal Reserve does.


Very noble of you to admit your own ignorance while pointing out others'.
 
2014-05-25 12:12:39 AM

Gentoolive: Linux_Yes: kling_klang_bed: Thanks, Obama! (this time I can say it without being sarcastic)


yea, that never happened under george bush jr. or ronnie reagan.

The ol blame bush never gets old does it.


Bless your heart!
 
2014-05-25 01:09:20 AM

B.L.Z. Bub: siva: Regulatory capture, it happens everywhere.  Drugs (legal), banking, environment, insurance, etc...  Name a regulated industry and it's guaranteed.

*DING* *DING* *DING*

Did anybody notice that one of the principal looters in Atlas Shrugged was a businessman? Orren Boyle, that name ring a bell? There was a reason for that. Oh, you thought the book was about "all businessmen = good"? You freaking idiots.


While I dislike Rand's books (they're farking long winded and boring), it annoys me that so many people misrepresent the stories, as you point out.  She was being especially critical of crony capitalism, which is  our current economical and political system.

Basically, if people with money are allowed to game the system by buying politicians, it will be a disaster for everyone else.
 
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