Wednesday, March 25, 2015

REVOLVING DOOR Ex-Fed Governor to Join Hedge Fund

Jeremy Stein, a former Federal Reserve governor, will advise BlueMountain Capital Management LLC, the more than $20 billion New York-based  hedge fund firm.

 He joined the Fed in 2012 and resigned in May 2015.

NYT reports:
Under the agreement with BlueMountain, Mr. Stein will be paid by the hedge fund but not employed by it. In this way, he will be placing one foot through the revolving door between Washington and Wall Street, a move others like Alan S. Greenspan and Ben S. Bernanke have also made.

The list of Washington movers and shakers who have taken lucrative positions in the private sector after leaving public office is long.

Mr. Greenspan was hired to consult for Deutsche Bank, the bond investment firm Pacific Investment Management Company and the hedge fund Paulson & Company after stepping down as Fed chairman. Last year, Timothy F. Geithner, the former Treasury secretary, joined the private equity firm Warburg Pincus. William M. Daley, a former White House chief of staff, joined the Swiss hedge fund Argentière Capital as a managing partner.

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