Many of you have been asking for a canonical statement of what I sometimes refer to as Cowen’s Laws. Here goes:
1. Cowen’s First Law: There is something wrong with everything (by which I mean there are few decisive or knockdown articles or arguments, and furthermore until you have found the major flaws in an argument, you do not understand it)Well, I think there is something wrong with Cowen's First Law.
RW
Doggie chasing its relativistic tail.
ReplyDeleteI think there's something real wrong with this:
ReplyDeleteBen Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser
BERNANKE, CITADEL'S NEW ADVISER In the latest and most prominent move by a Washington insider through the revolving door into the financial industry, the former Federal Reserve chairman Ben S. Bernanke will become a senior adviser to the Citadel Investment Group, the $25 billion hedge fund founded by the billionaire Kenneth C. Griffin, Andrew Ross Sorkin and Alexandra Stevenson report.
Mr. Bernanke "will offer his analysis of global economic and financial issues to Citadel's investment committees. He will also meet with Citadel's investors around the globe," they write.
Mr. Bernanke said he was cognizant of the public's concerns of undue influence of Wall Street on government and chose to join Citadel, in part, because it "is not regulated by the Federal Reserve and I won't be doing lobbying of any sort," he said in an interview. He said he declined offers by other banks that were under the purview of the Fed. "I wanted to avoid the appearance of a conflict of interest,"he said.
Without getting into specifics, Mr. Bernanke said he would receive an annual fee but would not own a stake in the firm or receive a bonus based on its performance. He said his arrangement with Citadel allowed him to take on other consulting roles.
Other top government officials have gone on to Wall Street and investment firms. Mr. Bernanke's predecessor, Alan Greenspan, was recruited as a consultant for Deutsche Bank, the bond investment firm Pacific Investment Management Company and the hedge fund Paulson & Company. And last month, Jeremy C. Stein, a former Fed governor, agreed to join the $20 billion hedge fund BlueMountain Capital Management, where he will advise managers on issues like financial regulation.
http://www.nytimes.com/2015/04/16/business/ben-bernanke-will-work-with-citadel-a-hedge-fund-as-an-adviser.html?
is he serious?...Citadel?avoid conflict of interest?wtf