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Fed Bubble Spotter Joins Whale Hunter At Hedge Fund

Tyler Durden's picture




 

The man who once dared to suggest to his colleagues at the Fed that waiting until there’s “decisive proof” of a bubble might be a bad policy because by then it will be too late to fix things resulting in “an implicit policy of inaction,” and who subsequently resigned from his position amongst one group of PhDs to return to work with another, is taking his talents to BlueMountain Capital where he’ll advise Andrew Feldstein (the man who once harpooned a certain British whale) on how inept the government is when it comes to regulating the industry, among other fun topics. 

Here’s more via WSJ

Jeremy Stein signed up as a paid consultant to BlueMountain Capital Management, the more than $20 billion New York hedge-fund firm, the firm confirmed.

 

Mr. Stein, 54, made a quick impact in his two years as a Fed governor, warning of potential asset bubbles from the central banks’ sustained post-crisis stimulus programs. That set him apart from his colleagues who felt that financial stability concerns were far from the top priority in a sluggish economic environment. He resigned in May 2014.

 

More recently, he has said he is bullish on the U.S. economy, and relatively unsure on whether the Fed will raise rates in June.

 

At BlueMountain, Mr. Stein will advise on macro policies, financial regulation and risk management, among other issues.

And here’s the PR from BlueMountain: 

BlueMountain Capital Management, LLC ("BlueMountain"), a private investment firm with over $20 billion in assets under management, is pleased to announce it has entered into a consulting agreement with Harvard economics professor Jeremy C. Stein, who was a member of the Board of Governors of the Federal Reserve System from May 2012 to May 2014.  

 

Professor Stein will advise BlueMountain on a range of issues, including implications of monetary and macroprudential policies, financial regulation and market evolution, and risk and capital management.

 

"We're very lucky to have the opportunity to work with Jeremy," said Andrew Feldstein, CEO of BlueMountain. "He has been widely recognized by leaders in government, academia and the private sector for his talent and impact.  His experience, research interests, and intellect will add real value to BlueMountain's investors.”…

 

"I'm excited to be working with the BlueMountain team," said Professor Stein.  "They are at the cutting edge with respect to the development of both investment strategies and risk management tools, and I look forward to learning much more about the markets from my collaboration with them."

***

When Stein resigned his Fed post, he noted in his resignation letter to the President that “working alongside… selfless men and women” had been a rewarding experience. We imagine he’ll have a similar experience working with the many “selfless” individuals in the hedge fund industry. 

 

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Tue, 03/24/2015 - 11:44 | 5921785 Thirst Mutilator
Thirst Mutilator's picture

Guy named 'Stein' gets a job in finance [hired by Feldstein] ~ Get right out of town!

 

"he noted in his resignation letter to the President that “working alongside… selfless men and women” had been a rewarding experience"

 

God's Work!

Tue, 03/24/2015 - 11:46 | 5921797 nope-1004
nope-1004's picture

White collar cubicle "financial experts" are an asset to the world.  Amazes me how much they produce to make this world a better place for humanity.  Gotta love 'em.

 

Tue, 03/24/2015 - 11:48 | 5921803 Thirst Mutilator
Thirst Mutilator's picture

Time for an Alice Cooper break...

 

 

FEED MY FRANKEN-STE-EI-EIN!!

Tue, 03/24/2015 - 11:53 | 5921832 max2205
max2205's picture

There is no self in hedge....

Tue, 03/24/2015 - 11:58 | 5921851 Thirst Mutilator
Thirst Mutilator's picture

There's an 'elf'

Tue, 03/24/2015 - 12:04 | 5921870 Divided States ...
Divided States of America's picture

I dont know but is all financial news have to somehow revolve around Jews....First it was Soros speaking his gibberash, then we get Jonathan Pruzan becoming CFO of Morgan Stanley after another Jew Ruth Porat becomes new CFO of JOOGLE...and now Jeremy Stinkin Stein???

Oh I am sure we will get Carl I CAN Icahn later on rekindling his pansy fight with Bill Ackman, a cameo from Larry Fuckin Fink on CNBC along with David Tepper saying the markets are cheap...while Jack Lew calls China a currency manipulator.

 

Tue, 03/24/2015 - 12:09 | 5921876 Thirst Mutilator
Thirst Mutilator's picture

You're a 'Nazi' for even wondering about that [according to CH1].

 

Statistical & Mathematical impossibilities can be quite annoying at times.

Tue, 03/24/2015 - 12:35 | 5921964 Squid Viscous
Squid Viscous's picture

They made a movie about it all, called Above the Law i think?

Tue, 03/24/2015 - 12:28 | 5921937 booboo
booboo's picture

No, but there is an edge.

Tue, 03/24/2015 - 12:03 | 5921865 economessed
economessed's picture

Financial Experts are vital to sustaining America's single largest industry:  debt manufacturing.  Should we ever enter into free-trade agreements witht he rest of the world and begin to outsource these vital jobs to foreign countries, it could hollow-out the foundation of our economy.  Foreign debt manufacturers may utilize child labor or other low-wage workers to drive-down the cost of debt instruments and render America uncompetitive in the global dominance of manufactured debt instruments.

 

I hasten to add how vitally important real estate brokers are to sustaining a credible GDP.  Without these well-groomed, self-absorbed individuals, transacting parties would need to face one another and undertake their exchanges at a 4 to 6% discount....

Tue, 03/24/2015 - 12:49 | 5922007 new game
new game's picture

all by design as it is "just confussing enough" so the average person can't doit themselves and/or the gov.org has created enough hurdles so as to need a lawyer in addition to an agent.

i bought some r.e. and used an agent who suggested an inspection whilst a lawyer proofed the contract. then comes the title work, a closer and of course a fucking bank for the mortgage(death word-first warning) and none other than problems with the title work due to "break in the chain of ownership" due to robo signing. ah, back to the lawyer and wash rinse for an additional fee shakedown.

fuck that...

Tue, 03/24/2015 - 11:43 | 5921788 q99x2
q99x2's picture

Bitcoin smack down taking place. Last price $245

Tue, 03/24/2015 - 11:50 | 5921816 Groundhog Day
Groundhog Day's picture

Where's reggie love

Tue, 03/24/2015 - 11:45 | 5921795 JRobby
JRobby's picture

"Mr. Stein will advise on macro policies"

 

 

Macro Outlook: We're Fucked

Micro Outlook: Not too many people realize it yet.................

Tue, 03/24/2015 - 11:49 | 5921808 yogibear
yogibear's picture

Bernanke, Yellen, Stein, Greenspan. What a takeover.

Where's the diversity at the Fed?

 

Tue, 03/24/2015 - 12:05 | 5921871 Jonesy
Jonesy's picture

Jews are white guys when convenient or caught in a crime, and minority Jews when that is preferrable.  Diversity is for the goyim. 

Tue, 03/24/2015 - 11:59 | 5921853 Drummond
Drummond's picture

This is the calm before the storm. Relax, get comfortable and most importantly, get the last few bits of preparation done. Good luck all.

Tue, 03/24/2015 - 12:00 | 5921857 GRDguy
GRDguy's picture

Risk management --> how to legally lie and steal to reduce risk of going to prison.

Wealth management --> we manage your wealth to make ourselves wealthy. Maybe you win, maybe you lose, but we will increase our wealth no matter what.

Tue, 03/24/2015 - 12:01 | 5921859 Jonesy
Jonesy's picture

Jew-go-round

Tue, 03/24/2015 - 12:11 | 5921888 Bell's 2 hearted
Bell's 2 hearted's picture

"More recently, he has said he is bullish on the U.S. economy,"

whats he's smoking?

 

macro has cratered past 2 months

Tue, 03/24/2015 - 12:13 | 5921895 taketheredpill
taketheredpill's picture

Turning your money and our experience into...

Tue, 03/24/2015 - 13:05 | 5922039 richiebaby
richiebaby's picture

 “working alongside… soulless men and women”

There that's better


Tue, 03/24/2015 - 13:17 | 5922080 phoenixdark
phoenixdark's picture

in las vegas economy is great, new cars everywhere, construction booming. But I'm broke. go figure.

Tue, 03/24/2015 - 14:03 | 5922281 Colonel Klink
Colonel Klink's picture

Oh look another Fed cheesepope goes to work in the cheesepope industry.

Tue, 03/24/2015 - 14:04 | 5922288 khakuda
khakuda's picture

He was one of the few sane people at the Fed, which is why he had to leave.

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