David Rosenberg And Goldman Sachs Refuse To Pay $250,000 To Listen To A "Fee-Deflating" Bernanke

Tyler Durden's picture

As we have reported frequently over the past few months, the 'with and wisdom' not to mention the 'foresight' of Chairsatan Emeritus Ben "subprime is contained" Bernanke is now available for a fee. A $250,000 fee. For this amount one can join the company of such Fed-frontrunning hedge fund luminaries as David Tepper and Michael Novogratz who, side by side Bernanke at Le Bernardin, heard him says that there would be "no rate normalization" during his lifetime, just in case anyone was wondering what the state of the US "recovery" was.

According to the NYT, "The setting was so intimate that the group took up just one of the four-star restaurant’s three private dining rooms."

Some recently "nervous" people overcontemplated the whole thing and imagined there were hidden signs to be caught.

David A. Tepper, founder of the $20 billion hedge fund Appaloosa Management, who was also at the Le Bernardin dinner, expressed regret that he did not trade on Mr. Bernanke’s guidance at the dinner.


“He gave this stuff out, but I didn’t realize what he was saying at the time, so I didn’t do a great trade,” Mr. Tepper said at the conference in Las Vegas last week.

That's ok David, he didn't realize what he was saying at the time either.

Unfortunately, Bernanke will continue to get paid handsomely for "as long as it takes" for the "experts" to realize that Bernanke is as clueless about the economy now as he was during his time at the Fed, and that no actionable information can be extracted from him:

"He's being paid ... for sharing his wisdom and predictions, and presumably not to exert his influence on the Fed," he added. This will go on "until he's proven to not be all that clairvoyant."

And yet, the days of Bernanke's "non-Giffen good" speech circuit may come to an end far sooner than the ex-Chairsatan wishes: "UBS and Goldman Sachs considered his fees too high, according to two people briefed on the discussions between Mr. Bernanke’s representative and the banks but not authorized to speak about either publicly."

Others were quick to point out the obvious. According to infamous bear now uber-bull, whose recent short bonds call leaves a bit to be desired, David Rosenberg, "You can spend $250,000 for Bernanke’s time at a private dinner, or you could just sit down and read what people like Janet Yellen and Mark Carney have to say," Mr. Rosenberg said, referring to the governor of the Bank of England. "You can actually do that for free and pretty much draw the same conclusions."

Spot on: then again, one can also not pay thousands of dollars to subscribe to newsletters of writers whose bullish "opinion" is regurgitated for free 24/7 by CNBC anchors.

But the worst news is that actual, not implied, deflation in demand for Bernanke speeches is already appearing:

Since his busy week jetting around the world in March, Mr. Bernanke has made several other appearances, including at a private equity conference hosted by the Blackstone Group a few weeks ago. He is scheduled to speak in Pennsylvania at the Lancaster Chamber of Commerce’s annual event on May 28, where members will pay $225 for a ticket.

Alas, at $225 a ticket, this means that his next speaking venue better be filled to the brim (by Amish listeners?) to satisfy the generic $250,000 speaking fee. And since that means that Bernanke's insight will be extensively diluted (get it), it means that the willingness of people to listen to what he has to say will plummet, alongside the real disposable income of the US middle class as overseen by none other than Bernanke himself.

Indeed, this is one deflation which we are confident the Fed Chairman wishes he was 100% certain he could stop in 15 minutes. Sadly, like in the case of everything else relating to Bernanke, when paying for smoke and mirrors it is only a matter of time before everyone, even the uber-richer poseurs, realize that the product they are buying is nothing but a cheap commodity.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
LawsofPhysics's picture

What's that? The Bernanke is not in the club?  I think not...

Although it would be great to see him and greenspan separated from their heads.

NotApplicable's picture

As I said recently, Ben's praying to keep his name out of the paper, lest he fuck this gig up too.

What Goldman is telling me with this "fees too high" statement is that Ben failed so bad at his first job (ala the "lip quiver") he won't get a chance to collect his rewards.

I wonder if he realizes yet that he is going to be the world's biggest scapegoat?

power steering's picture

If I want to listen to 30 minutes of lies and self-delusion I can watch a Kim Jung Obama press conference for Free

nope-1004's picture

People who care more about money than anything do.  Also, you don't pay someone that amount of money to hang with them unless you think you are getting some inside information.  This corroborates what is widely known:  The US Fed is corrupt and manipulating EVERY market.


Looney's picture

Instead of charging in fiat dollars, Bernanke should start gettin' paid in something tangible, something like… obamaphones? ;-)


El Vaquero's picture

Well, we do live in a bananna republic, so perhaps Obamaphones should be redesigned:



Arius's picture

cheap skank


wondered if would had the balls to say it to Greenspan who comes from NY mafia .... bernanke is a complete outsider from Dillon, NC ...where is that?

SAT 800's picture

Most of the public; everyday. But, that aside; I'm willing to listen to him if he pays me $250/ minute. Otherwise, furgedaboudit.

Buck Johnson's picture

I totally agree with you, they are going to thrown him so far under the bus he may want to go into the relocation program with the FBI.  He did that stuff at the behest of his banker buddies and the administrations.  But what he didn't realize was the fact that he would be used as the person to blame when it didn't workout.  The bankers knew it wouldn't workout and even the govt..  But what they needed was someone who would do the dirty work and at the same time get the blame when it didn't work.



rubiconsolutions's picture

You couldn't pay me $250,000 to listen to Ben Bernanke. At least not in fiat. Now, phizz AU, that's another thing altogether. 

TeamDepends's picture

Well, he could always make a living as a _______.

Chief Wonder Bread's picture

Indeed.  Is there a crack in the dyke?

Yellen on your knees.

pods's picture

Pay to hear him speak?

I wouldn't piss in his mouth if his teeth were on fire.


monkeyboy's picture

If you were to pay me $250k I might consider it.

Anasteus's picture

Both David & Goliath Goldman are indeed ungrateful. The amount is nothing compared to what they earned under his long-term leadership.

JustObserving's picture

Goldman Sachs considered his fees too high


Considering that Goldman wrote his scripts, they would consider his fees too high.

AccreditedEYE's picture

Goldman tells the Fed what to do... this would be like your boss paying you to go out to dinner with him. Never gonna happen.

Atlantis Consigliore's picture

Realtor! Realtor Realtor, "the Subprime Crises is Contained"

Lie like a Realtor.  Lol  Remember 20% Underwater is just noise.

buy in Florida or Nevada the water is fine.  Hiccupping w Laughter. 

MFL8240's picture

They all loved this moron while they were using him though.  Typical of the way the tribe opeartes.

MeMongo's picture

MFL, that's what I was thinking. It is after all just goyim tax dollars! Pay the little prick! Surely that flat bald head would make a good drink holder, plus with that quivering potato chip lip he could certainly earn that cash.

Pairadimes's picture

$250,000? He's not worth a 3 day old bologna sandwich and validated parking.

Oddly, this may work in his favor, since the sooner he sinks into obscurity, the more likely he will be to avoid adorning a lamp post in the future.

Chupacabra-322's picture

Off topic but interested Tyler hasn't picked up this interesting piece up on Drudge.

The Obama administration has quietly adjusted key provisions of its signature healthcare law to potentially make billions of additional taxpayer dollars available to the insurance industry if companies providing coverage through the Affordable Care Act lose money.

The move was buried in hundreds of pages of new regulations issued late last week. It comes as part of an intensive administration effort to hold down premium increases for next year, a top priority for the White House as the rates will be announced ahead of this fall's congressional elections.


NotApplicable's picture

ZH has written about this several times, if I recall.

I also believe the insurance company bailout has been there the whole time.

Sorry_about_Dresden's picture

Now you know where he will be. Go take care of it.

monopoly's picture

This idiot should be banned from speaking in public, just like Greenspan should be told to Shut Up. Pathetic excuse for a Fed Chairman.

TrumpXVI's picture

Ha ha ha!

Soooo, you sell your soul to the Devil and then are surprised when he tells you that he has everything from you that he wants!

jmcadg's picture

Goldman opining on excessive fees.

My heart fuckin' bleeds. Cunts.

Zirpedge's picture

Who wouldn't plunk down $250K in funny money to get five minutes in a room alone with Bersnakes?

i_call_you_my_base's picture

All you need to know is that they will supress rates by whatever means indefinitely. It doesn't take a genius to figure that out.

buzzsaw99's picture

bernaked just thought he was one of them. that little plebe isn't.

Yen Cross's picture

     I wouldn't pay "2 fiddy"($2.50) to listen  to that bald spawn of all that's unholy drool over himself for saving his bankster pals ever!

border dog's picture

Yes "Crime Pays"....

Itchy and Scratchy's picture

....... and moar foodstamps for all!!!!!!!!!!!!!

yogibear's picture

I would be willing to pay to see Bernanke prosecuted for treason and sentenced as a terrorist.


kchrisc's picture

He spent all those years getting paid to steal and lie about it.

Now he's getting paid to lie about stealing and lying.


"Will my guillotine have to pay $250,000 for the privilege?!"

Rodders75's picture

He should demand payment in gold, not the toilet paper he printed.

Seal's picture

OR Ben cud leave the planet soon & rates cud go UP lol