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Brian Sack Is Out
The New York Fed's Brian Sack, better known by everyone as the head of the Plunge Protection Team, is gone.
NEW YORK—The Federal Reserve Bank of New York today announced that Brian Sack, executive vice president and head of the Markets Group, is resigning from the Bank effective September 14, 2012.
Mr. Sack will remain in his current position as head of the Markets Group and Manager of the System Open Market Account (SOMA) until June 29, 2012, to help ensure a smooth transition. The New York Fed has started the search process for Mr. Sack's replacement.
"Brian's service to the Bank over the past three years has been critical to our response to the financial crisis and the country's economic recovery," said William C. Dudley, president and chief executive officer of the New York Fed. "I accepted his resignation with great regret and wish him well."
Mr. Sack will step down as head of the Markets Group and SOMA Manager on June 29, 2012. He will then be placed on leave until September 14, 2012, during which he will have limited contact with the Bank and no access to Bank information, including FOMC and supervisory materials.
Mr. Sack joined the New York Fed as head of the Markets Group in June of 2009.
And to think we were only kidding two days ago when we tweeted the following...
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golf clap
http://www.youtube.com/watch?v=BmjHT5GpAYQ
...NY Fed has started a search process for Mr Sack...
Corrected:
The NY Fed has purchased a monkey that is trained to press the "Buy Button" whenever stock indices turn red. This monkey is not considered a suitable replacement for Sack because the monkey flings feces at B. S. Bernanke whenever B. S. enters the room. The NY Fed is now seeking a monkey that is less aware of its function to replace Sacks.
Ben Shitter Bernanke: A tool who shits Benjamins in a vain attempt to imply that the status quo works.
I will hire Brian to run my portfolio no matter how much he is asking...
Fri, 09/03/2010 - 11:41 |
hedgeless_horseman
Fundamental analysis? Earnings? Technical analysis? Charts? We don't have a prayer when Ben has his finger on the button under the table.
You can take the ghosts of Graham, Dodd, Edwards, and McGee, as well as every CFA on the planet to manage a portfolio. I'll take one insider at 33 Liberty and my performance will wipe the men's room floor with your's.
Love your spirit, kid. Now get back to class.
http://www.zerohedge.com/article/ecri-declines-again-pass-below-double-dip-10-threshold-again#comment-562073
be careful what you wish for ... now we (and the rest of the world) are at the mercy of the interns ...
I thought it was Richard Sack?
Sack was tapped (also known as Rochambeau).
http://en.wikipedia.org/wiki/Sack_tapping
http://www.southparkstudios.com/clips/103724/rochambeauSack to be replaced by Charles Kadlec.
Amazon.com: Dow 100000I guess he wasn't too good at plunging. I suppose a janitorial restroom specialist position is out of the question too.
A whisper from his conscience slipped from his lips. FIRED.
Dunno, but it rhymes with "lyin' sack"
"The Golden Boy" will be missed. I guess maiden lane will be all wrapped up by September.
He was completely Sacketed...
I thought it was Richard Sack?
i thought it was Brain Sack
dick sac is out and in full chub mode...
Why hire him? Hades, you can put out bids on garbage yourself if you have an unlimited amount of fiat to do so............that's all Sack did.............
NOTHING MATTERS but boosting the economic numbers by whatever means possible until Chairman Obamakov's re-election.
After that, it won't matter anymore, and everything can be allowed to crash, bringing us the Gloriuos Chomskiite Socialist World Of NEXT TUESDAY! (tm)
you think thats why the rats are abandoning ship ? whats next Timmay? i know bernanke is the good captain ... will go down with it ...
A lot of rats jumping ship lately. Not a good sign.
Who does the Fed want? obama or romney? That is the question.
Any stooge will do.
one is already fully paid for, the other will require additional leverage
lmao.. The Fed can hire anyone to buy AAPL to juice the markets. The only interview question would be, "If AAPL goes down, you _____"
take a shot!
Oh, wait... wrong game.
They should just get right to it and replace him with Larry Kudlow and pay him in 8 balls.
larry is too smart to fall for it ... and not too ambitious to want his name in hollywood boulevard... he wants to see the money first ...
larry is too smart to fall for it ... and not too ambitious to want his name in hollywood boulevard... he wants to see the coke first ...
fixed
Ooh ooohh oh me me me! I'm available! Pick me! I'll even shave my back and palms too! I need a cushy job to tide me over this rough patch and open up the doors for high paid spew...er, speaking gigs after...
OT, but what is this banner ad for "Kisses of Africa" now doing next to the "Thai Love" and "Russian Cupid" ads on my ZH? It is as if ZH were the magnetic hub for every on-line prostitution scam on the Internet.
The Ads are generated based on cookies in your machine left from your web travels. Search for a new tennis shoe and adidas will pop up, look at porn and you get porn....
If you search for both do you get foot fetish ads?
Your computer gets the "Athlete's Foot" STD
AKA: "the Rex Ryan".
Slaughterer is showing his support for the 99%
#Masturbation
ZeroHedge: The #1 destination after watching a Japanese teen double fist a black cock.
Some ads on some sites are generated by what's on your computer, and some are targeted at a sites audience based on content. I do believe we all see the same ads here, because I see the same ones here others complain about and I've never seen them on other sites. And I've never searched for porn on this computer.
Uh huh, sure you haven't. And Bill Clinton never inhaled.
I said searched, not viewed. I know those addresses by heart.
For cookie free private/no script/ad block browsing.
What about your "other" computer?
Wait, up see ads for my local bank?
You don't have to search, btw, just visit sites that clue in the Google that yer feeling randy.
Google Knows All
I see ads for cars and gold on mine. It doesn't matter if you use google or not they tailor the ads for your searches. I have not used google since I got this new computer, ever. I started using Bing for all my searched when i got this computer. They still monitor everything you check regardless of which steps you take to do private browsing.
"And I've never searched for porn on this computer"
Bwhahaahahahahahhahhaha
Hey, how come all my ZH ads are for S&M paraphernalia, illicit designer drugs, and books about Hannibal Lector?
Man, ZH is so creepy!
I searched for your icon. Ended up on a date with a nice Latvian girl last night...........
Be nice. Every pimp knows even dirty old men need love. On the other hand I've wondered if this is some sort of conspiracy to marginalize that "fringe blog" by making it into that "nasty-ass fringe blog". It would be a very cost effective way to do it. You pay skanky sites the extra 0.001 cents per click-through they need to pay so they dominate the ads on sites you don't like. For a few thousand bucks you change the character of the site and drive readers away. It would be cheaper than paying trolls (who seem to be rather scarce now days). Of course I can come up with a good conspiracy theory behind almost anything. :)
Yeah, where did all the trolls go? It's been 48 hours since I posted
...@ slaughterer
.................you pervert you.
Busted.
Brian, did you get tired of being the bankers' bitch, Bitch?
No, it was time to rotate into Goldman.
Is Sack on Linkdin? I need someone to do some manipulation for me, on a contract basis.
I guess that red day at close did it in for him. The US markets must not build up momentum to the red or down side. Because the markets around the planet are wanting a flushout and many of the economies can't take it.
What/who will keep the Testes/Dow from collapsing?
Sack got sacked.............
And why the Hades is he on leave 'til Sept 14 after leaving in June????????? Don't you just love the Fed?????
So he can suck some fiat without working.
Another high level banker resignation... could there be something to the allegations of Benjamin Fulford and David Wilcock?
Fulford? Never. The man is pure disinfo. A poor version at that. He cannot even tell a coherent lie. For instance, his secret Japanese society that's taking on the Western elite was going to force Bush to step down and demand he be replaced by, Al freakin' Gore!
Yep, he's tuned into the opposition, for sure, for sure.
Is he tied in with Divine Cosmos? The guy that runs that site is a whole level of crazy higher!
someone request linky ? http://americankabuki.blogspot.com/p/131-resignations-from-world-banks.html
American bukakke is better!
Ooops! Did it again ...
keeping him on payroll to keep him quiet til sept 14 for some reason.
maybe he doesn't want to be involved in QE3 and is leaving right before the perscription is recieved
Muppet for replacement~
It's no coincidence he got Sacked!
Yeah, but I'm wondering if the Fed SOMA is the same as the Brave New World stuff....
Seems to keep "investors" pretty mellow...
should be in leg irons and an orange jumpsuit. Bring back the Coinage Act of 1792!
what else is Guantanamo for?
oh crony political terrorist, not financial terrorist, sorry for asking.
To soon be replaced by Bill Gross, in order to buy MBS from himself in operation Twist 2.0.
Mr. Sack will step down as head...
I am sorry. I don't know why I find that so funny...
*chuckle* :-)
If Brian Sack becomes a whistle blower, this might really lead to some problems...
for him.
yep, 450 million problems. This being the number of bullets bought by the Department of Homeland in-Security.
Of course the DHS is planning to fill other sacks with lead not this sack.
Yeah, he better stay away from jacuzzis. Hmmm, second thought, may be not.
cant wait for the book tour....
he's probably made enough money frontrunning himself and now ready to enjoy his retirement
Who gives a shit? Apple is ready to hit a new high!
Rats adandoning ship -- all the high profile resignations are mounting towards something significant
on Goldman's payroll?
where do i apply? i can mindlessly buy the most insolvent junk imaginable with taxpayer money and be ok with a $200k salary!!!!
Wonder which bank he's going to for his 7 figure salary.
Bring that "human" piece of garbage back, who the hell is gonna keep AAPL above $600/share?
Bernanke (you MOTHERFUCKER) help !!!!!
To top of Sack's sacking, he needs a good, swift shot to the sack.
But now the Fed can't use Sack as collateral.
Please. It's Brian P. Sack.
There are all sorts of rumors all over the conspiracy sites about bankers leaving and being forced out. Gosh, makes you wonder if there really is a "counter-force" to the evil empire.
I believe that "theory" is a disinfo front to stop the sheeple from worrying ... while all the bankstaz head for the underground cities that have [apparently] been built. Something wicked this way comes.....
If by the end of November you do not see anyone of importance in the news anymore, then you should start to worry, grab a shovel and dig far, and dig fast! Where is Sudden Debt when you need his Gumby panic icon...
out two steps before the unavoidable mega crash......and the peasants with pitchforks...
Isn't 9/14 the day of the next debt ceiling breach?
The economy is doing great, no need for government manipulation anymore...
frees up another kushy spot for an ex-goldmanite
Fuck you, Brian Sack.
He'll become managing partner at some blue blood firm soon enough.
I hate that guy!!!
Frees him up to be on Romney's cabinet.
Brian was replaced by an algo in one of the Feds cost cutting moves....it is a very simple algo based on red and green and the depth and duration of red.
Sad Sack
Witness Mr. Henry Bemis, a charter member in the fraternity of dreamers. A bookish little man whose passion is the printed page, but who is conspired against by a bank president and a wife and a world full of tongue-cluckers and the unrelenting hands of a clock. But in just a moment, Mr. Bemis will enter a world without bank presidents or wives or clocks or anything else. He'll have a world all to himself...without anyone.
The best laid plans of mice and men...and Henry Bemis...the small man in the glasses who wanted nothing but time. Henry Bemis, now just a part of a smashed landscape, just a piece of the rubble, just a fragment of what man has deeded to himself. Mr. Henry Bemis...in the Twilight Zone.
And in the end surrounded by books with no way to read them. Great episode, one of my all time favorites in fact.
The glasses breaking is a classic moment.
Alan Harper does the Bemis impersonation in the beginning of a 'Two and a Half Men" episode when he freaks out in a bookstore, complaining he has no time to read.
The irony of it all. And I love THE TWILIGHT ZONE - the ironies are just too much. All the time in the world, and now his glasses are broken - the irony!!!
My cat says there's a derivatives unit waiting for him at JPM
Tyler the prophet.
It was supposed to read, "Brian Sack Head Of The NY Fed Has Been Shot Dead..." GOD DAMMIT!!!!
Interesting timing, his last day will be right around the end of Operation Twist. Who needs Sack if there's no more QE?
He's being replaced by IBM's Watson.
He can juggle digits so fast, why even Nanex will be left in the dark!
Oh, and addressing your question. I can see Bernanke on the TeeVee addressing his inability to save us, since Sack was the only one who knew the password, and well, he's no longer with us.
Sorry 'bout that.
The title being a double entendre and all.....
Sacrifices have to me made in order for it to appear something is being done.
What are the odds that he ends of at JPM / GS / Blackrock ?
Maybe somebody finally discovered they are running an HFT shop and he is taking the fall.
Like most here I am so sick and tired of all the lies from the FEd bullshit and kicking this fucking dented, rusted can down the road. There is no way we can ever pay soon to be 16 T+ in 5 lifetimes. It will blow up along with the rest of the Western world. But, since we have an election and a billion dollars in campaign funds for the useless one, this will go on at least till November. Yes, we will have a correction or two but I feel it will hold together with rotton glue, used bandaids and frayed cord. I have no use for this market or the TV idiots. It gets worse all the time. They talk on TV for 10 minutes about some woman with 14 kids, and give 30 seconds for the poor soul in Greece that killed himself yesterday because of the carnage being wrought in his country by corrupt politicians.
If it was not for my bride I would disconnect Direct TV and just play music and get real news from the few positive sources on the Internet. It becomes more and more frustrating for us. And when the miners finally find a bottom. When they are so oversold and gold ramps to its true value, then we will win, and PCLN, AAPL, CMG and AMZN will move to their real worth. Patience all, patience. It will play out correctly.
Right now all I have is confetti and physical.
DITTO !!!! (The only thing I watch on DTV is sports, and mostly just football - back when cable/satellite TV started its main advertising point was it was commercial free becuase you were paying for it - now we pay handsomely for a shitload of dedicated 24/7/365 infomercial channels - one can only watch shop-erotic so many times - if I didn't have a family I would dump DTV and get my sports online)
NY Fed has a 'CEO'? As in, how "private" companies have CEOs?? But I thought FED is a government entity? Ok, enough of that conspiracy stuff, when is american idol on again? How about dancing with the stars?
Pfft.... forget those. HOW ABOUT JERSEY SHORE! I would so tap the Snooki *starts pretending to smack an imaginary asss*
YEAH SNOOK!
*realizes Zero Hedge can see him*
Um.... Uh.....
BUY SILVER?
he needs to take a break before prez0 appoints him to the cabinet in january
attyGeneral? Hahaha!
Looking at his bio, I'd say Commerce. Maybe he'll come up with the next "5 year plan."
http://www.newyorkfed.org/aboutthefed/orgchart/sack.html
Someone needs to replace Timmah.
Sack of shit deserves alot worse
'Brain' Sack is fired. Throw out the oil sump as well. They might just be looking for a plumber, if you can handle the job. Just part of my dead-pan humour.
Slightly off topic but he may be just managing this...
http://www.americanbanker.com/issues/177_66/SuperPAC-banking-Howard-Headless--Friends-of-Traditional-Banking-1048138-1.html?zkPrintable=1&nopagination=1
Great link...
Where's the part where it says he's leaving to spend more quality time with his family? Isn't that the standard "my ass just got fired /indicted" statement?
He's gonna get promoted for a job well done. I wonder if Kissinger is hiring?
Skynet can do a better job...
One of the great things about Goldman Sachs is their commitment to promote from within the firm whenever possible.
Brian Sachs' just another example in a long list.
Can you imagine if his first name was "Richard" instead of "Brian"? Now that's funny....
Damn, no more sack jokes then?
his plunging days are over..hahahahahah
George Costanza has just been hired to replace Sack.
What could go wrong?
"Sack heads the Tea Party" - news that's fit to print.
And, of course, you know where Mr. Sack will now go to work. His new company . . .
Goldman Sacks
(Oh c'mon! You knew it was coming!)
Citadel.
My bet is he ends up there.
Goldman is too obvious.
"Brian's service to the Bank over the past three years has been critical to our response to the financial crisis and the country's economic recovery," said William C. Dudley, president and chief executive officer of the New York Fed.
Understatement of the milleneum.
Did he burst out laughing when he said "economic recovery"?
Translation:
"Brian Ballsack has been buying stocks with phoney digital money we create out of thin air. It's a difficult job to buy crap to prop up rigged, fascist markets".
The advisors have nothing left to offer to protect from plunges. He is abadoning the ship or has been ordered out by a very angry Chair Satan as his artificial world collapses.
to be appointed finance Minister of Ireland in 3...2...1...?
"resigning from the Bank effective September 14, 2012."
Also will come to be known as Black Friday
He was fired? For what - Fed trading on inside information?
Wow! Canned after only 2 triple digit declines in the first 100 days of '12! And here I was thinking he was doing an outstanding job!!
I pity the guy who replaces him.
Leaving to pursue a career in spanish politics
Out of all big banks only BAC is up.
I'm sure he got sacked because he's buying too much BAC and can't get suckers to unload to.
or maybe there will be an opening at the Iranian Central Bank soon
80% chance that he's going to be the next dean of dartmouth.
Don't go looking for a job at JPM Brian. Some guy there had to take a 15% PAY CUT.
The comment section here is the blogospheric equivalent of the front row at a World Wrestling Federation event. The preponderance of those who contribute either know very little about the topic or write intellectual drivel.
+1 bonus point for self referencing post irony
Today he is leaving the Fed. Tomorrow he will be front running them at a major bank or hedge fund.
Will he be writing his memoirs
what kind of idiots believe in stupidity like the "plunge protection committee"?
Can this be a national holiday?
He can't keep up with the green company failures.
http://finance.yahoo.com/echarts?s=AONE+Interactive#symbol=aone;range=5d...
http://www.youtube.com/watch?v=M8Rv4bWpfzI
Sack sacked, like a cat in a bag. The Plunge Protection Teams tierd old drugs don't work, they just make you worse, but, you know when Heaven falls we'll see Sack's face again ...on freaking fire. http://www.youtube.com/watch?v=ToQ0n3itoII
...eh, maybe the boy fears his own the lack of mercy http://www.youtube.com/watch?v=DdPrMxFgLUo and just could not press the button again. Lol. or he's like all the rest of the roaches trying to escape before the flames come aaah calling for his house. http://americankabuki.blogspot.com/p/131-resignations-from-world-banks.html
Unless he is on his way to some other position of useful manipulation of reality, I would not be surprised to hear of him commiting suicide or having heart failure. I'm sure he has a very big whistle he could blow.