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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.

 

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Wed, 05/21/2014 - 11:16 | 4781323 LawsofPhysics
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.

Wed, 05/21/2014 - 11:24 | 4781375 NotApplicable
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?

Wed, 05/21/2014 - 11:28 | 4781391 power steering
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

Wed, 05/21/2014 - 11:33 | 4781413 Pladizow
Pladizow's picture

Who pays to be lied to?

Wed, 05/21/2014 - 11:37 | 4781428 nope-1004
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.

 

Wed, 05/21/2014 - 11:39 | 4781436 Looney
Looney's picture

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

Looney

Wed, 05/21/2014 - 11:53 | 4781512 El Vaquero
El Vaquero's picture

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

 

https://www.youtube.com/watch?v=j5C6X9vOEkU&feature=kp

Wed, 05/21/2014 - 12:41 | 4781736 Arius
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?

Wed, 05/21/2014 - 14:21 | 4782086 SAT 800
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.

Wed, 05/21/2014 - 17:08 | 4782643 Buck Johnson
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.

 

 

Wed, 05/21/2014 - 13:30 | 4781922 rubiconsolutions
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. 

Wed, 05/21/2014 - 11:18 | 4781335 TeamDepends
TeamDepends's picture

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

Wed, 05/21/2014 - 11:20 | 4781350 Grande Tetons
Grande Tetons's picture

Pin Cushion. 

Wed, 05/21/2014 - 11:24 | 4781371 e_goldstein
e_goldstein's picture

sideshow carny.

Wed, 05/21/2014 - 11:26 | 4781385 Dr. Engali
Dr. Engali's picture

Sock puppet.... oh wait...

Wed, 05/21/2014 - 11:30 | 4781405 Zirpedge
Zirpedge's picture

gimp

Wed, 05/21/2014 - 11:36 | 4781415 cowdiddly
cowdiddly's picture

Helicopter crash test dummy

Wed, 05/21/2014 - 11:39 | 4781435 TeamDepends
TeamDepends's picture

(n) Ivy League Professor.

Wed, 05/21/2014 - 11:41 | 4781456 WAMO556
WAMO556's picture

Bullet catcher?

Wed, 05/21/2014 - 11:47 | 4781483 Chief Wonder Bread
Chief Wonder Bread's picture

There's always South of the Border.

But no more than 20 hrs/week.

Wed, 05/21/2014 - 11:19 | 4781337 Bay of Pigs
Bay of Pigs's picture

TRADITION!

Wed, 05/21/2014 - 11:35 | 4781425 Chief Wonder Bread
Chief Wonder Bread's picture

Indeed.  Is there a crack in the dyke?

Yellen on your knees.

Wed, 05/21/2014 - 11:19 | 4781341 pods
pods's picture

Pay to hear him speak?

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

pods

Wed, 05/21/2014 - 11:21 | 4781355 monkeyboy
monkeyboy's picture

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

Wed, 05/21/2014 - 12:47 | 4781755 FinalEvent
FinalEvent's picture

I do it for free, even without any fire

Wed, 05/21/2014 - 14:23 | 4782093 SAT 800
SAT 800's picture

Me too !!

Wed, 05/21/2014 - 12:50 | 4781750 Anasteus
Anasteus's picture

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

Wed, 05/21/2014 - 11:21 | 4781346 JustObserving
JustObserving's picture

Goldman Sachs considered his fees too high

 

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

Wed, 05/21/2014 - 11:24 | 4781360 AccreditedEYE
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.

Wed, 05/21/2014 - 11:23 | 4781362 Atlantis Consigliore
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. 

Wed, 05/21/2014 - 11:23 | 4781365 MFL8240
MFL8240's picture

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

Wed, 05/21/2014 - 11:25 | 4781380 NotApplicable
NotApplicable's picture

Useful idiots are useful.

Wed, 05/21/2014 - 11:31 | 4781408 MeMongo
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.

Wed, 05/21/2014 - 11:24 | 4781372 Pairadimes
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.

Wed, 05/21/2014 - 11:24 | 4781373 Chupacabra-322
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.

http://www.latimes.com/nation/...

Wed, 05/21/2014 - 11:27 | 4781389 NotApplicable
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.

Wed, 05/21/2014 - 11:25 | 4781377 Sorry_about_Dresden
Sorry_about_Dresden's picture

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

Wed, 05/21/2014 - 11:26 | 4781382 monopoly
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.

Wed, 05/21/2014 - 11:27 | 4781390 TrumpXVI
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!

Wed, 05/21/2014 - 11:29 | 4781395 jmcadg
jmcadg's picture

Goldman opining on excessive fees.

My heart fuckin' bleeds. Cunts.

Wed, 05/21/2014 - 11:30 | 4781402 Zirpedge
Zirpedge's picture

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

Wed, 05/21/2014 - 11:34 | 4781417 i_call_you_my_base
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.

Wed, 05/21/2014 - 11:37 | 4781433 buzzsaw99
buzzsaw99's picture

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

Wed, 05/21/2014 - 11:44 | 4781478 Yen Cross
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!

Wed, 05/21/2014 - 11:50 | 4781497 border dog
border dog's picture

Yes "Crime Pays"....

Wed, 05/21/2014 - 11:52 | 4781508 Itchy and Scratchy
Itchy and Scratchy's picture

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

Wed, 05/21/2014 - 11:53 | 4781514 yogibear
yogibear's picture

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

 

Wed, 05/21/2014 - 11:55 | 4781516 kchrisc
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?!"

Wed, 05/21/2014 - 11:54 | 4781517 Rodders75
Rodders75's picture

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

Wed, 05/21/2014 - 11:55 | 4781519 Seal
Seal's picture

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

Wed, 05/21/2014 - 11:59 | 4781543 Comte d'herblay
Comte d'herblay's picture

I think the last time I believed Goldman Sucks about anything was when they bribed the Treasurer and other members of government to become a 'bank' with all its regulatory protections and rules, that thentofore, they didn't want to be bound by.

 

After that, nada.

.  

 

Wed, 05/21/2014 - 12:12 | 4781605 ptoemmes
ptoemmes's picture

So, it's $225.00 per person and $250,000 (The Bernank's Fee) for the event?

Damn, I can't get into a Heat playoff game for $225.00

 

 

Wed, 05/21/2014 - 12:14 | 4781612 pupdog1
pupdog1's picture

These speech fees are implied bribes while in office, and payola after leaving office, in return for being a sufficiently useful idiot while in office.

I guess Ben wasn't sufficiently useful.

Wed, 05/21/2014 - 12:34 | 4781717 worbsid
worbsid's picture

It is a real 'slap in the face' for working people to see some Alpha Hotel like the Barnak getting 5 years pay for an evening out.  It is kinda like the company getting billions of tax dollars to process Obamacare written applications of about 30 per month. Or the First Queen of the US spending like a there is no one paying.  I just wonder how many assassination attempts the secret service has thwarted in the last several years.  Even my liberal friends are pissed. 

Wed, 05/21/2014 - 12:36 | 4781722 G_T_A_44
G_T_A_44's picture

"the product they are buying is nothing but a cheap commodity" -  More to the tune of Verbal Diarrhea.

Wed, 05/21/2014 - 12:51 | 4781775 Banker Buster
Banker Buster's picture

It's the people who benefited from his policies that are paying for these dinners.  I'm guessing this is merely a legal way to kickback some of the profits they made off him.  They owe him and it's not like they can just cut him a check for nothing, then it would look weird.

 

Old Ben will continue trying to pump up stocks with his "not in my lifetime" B.S. as long as he has an ear to listen.  The guy really doesn't want to be proven wrong, this character flaw was made obvious with QEfinity.

Wed, 05/21/2014 - 16:02 | 4782376 lotsoffun
lotsoffun's picture

banker buster  - i agree.  i believe you are correct.  this is wall street time to pay back the piper.  and pipe he did.

Wed, 05/21/2014 - 12:55 | 4781783 JPMorgan
JPMorgan's picture

Bernanke would have to pay me $250,000 to listen to his bullshit.

Wed, 05/21/2014 - 14:44 | 4782165 khakuda
khakuda's picture

I'm sorry, but it should not be allowed for the central banker of the world's largest central bank to leave office and sell off consulting work to the tune of millions of dollars based on his inner knowledge of the Fed, its members and though processes to the highest bidders on Wall Street.  His inner knowledge is based on access to a public institution and he should not be able to profit from it individually.

Wed, 05/21/2014 - 15:53 | 4782345 RaceToTheBottom
RaceToTheBottom's picture

He should always carry a stuffed briefcase around.  Worked for Greenspam.

Maybe CNBS will even create a indicator based on his briefcase too.

Wed, 05/21/2014 - 16:26 | 4782492 Christo
Christo's picture

Geithner must give S&P documents in U.S. fraud lawsuit: filing
May 14, 2014 5:51 AM ET

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20140514&i...

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