Brian Sack Is Out

Tyler Durden's picture

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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comrade pravda's picture

...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.

hedgeless_horseman's picture

 

 

I will hire Brian to run my portfolio no matter how much he is asking...

 

 

 

 

 

Fri, 09/03/2010 - 11:41 | Link to Comment 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

 

Arius's picture

be careful what you wish for ... now we (and the rest of the world) are at the mercy of the interns ...

12ToothAssassin's picture

I thought it was Richard Sack?

TruthInSunshine's picture

Sack to be replaced by Charles Kadlec.

 

Amazon.com: Dow 100000
  • By: Charles Kadlec
  • September 1, 1999
  • Foreword by: Ralph Acampora

 

So how does Kadlec actually get to 100,000? First, he shoots down comparisons to previous periods of boom and bust. The cold war is over, he notes, which represents a new political paradigm. Then there's the oft-discussed drive of the baby boomers to retire in style. And, of course, there's technology, presenting new ways for workers to be more productive and resourceful. Kadlec also sees the worldwide trend toward freedom and democracy as a powerful economic force, as is the need for governments to compete with each other for economic activity. But he cautions that the prosperity he predicts isn't guaranteed: wars (either with bombs or tariffs) could end it pretty quickly. So could terrorism or higher taxes. (He includes some nifty illustrations showing how tax increases on rich people inevitably sock middle-income and poor people harder.) And a currency shock could cause untold economic mayhem. Kadlec notes that even he was surprised by his conclusion that the Dow should travel to this nosebleed height. But if he's right--well, let's just say a lot of investors are going to have very comfortable retirements. --Lou Schuler
The Big Ching-aso's picture

 

 

I guess he wasn't too good at plunging.  I suppose a janitorial restroom specialist position is out of the question too. 

Havana White's picture

A whisper from his conscience slipped from his lips.  FIRED.

12ToothAssassin's picture

Dunno, but it rhymes with "lyin' sack"

Stax Edwards's picture

"The Golden Boy" will be missed.  I guess maiden lane will be all wrapped up by September.

prains's picture

I thought it was Richard Sack?

 

i thought it was Brain Sack

chipshot's picture

dick sac is out and in full chub mode...

ihedgemyhedges's picture

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.............

FlyoverCountrySchmuck's picture

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)

Arius's picture

you think thats why the rats are abandoning ship ? whats next Timmay?  i know bernanke is the good captain ... will go down with it  ...

Kali's picture

A lot of rats jumping ship lately.  Not a good sign.

Common_Cents22's picture

Who does the Fed want?  obama or romney?   That is the question.

viahj's picture

one is already fully paid for, the other will require additional leverage

DormRoom's picture

lmao.. The Fed can hire anyone to buy AAPL to juice the markets.  The only interview question would be, "If AAPL goes down, you _____"

NotApplicable's picture

take a shot!

Oh, wait... wrong game.

Marginal Call's picture

They should just get right to it and replace him with Larry Kudlow and pay him in 8 balls.

Arius's picture

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 ...

Fedaykinx's picture

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

krispkritter's picture

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...

slaughterer's picture

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.   

sdmjake's picture

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....

HD's picture

If you search for both do you get foot fetish ads?

FlyoverCountrySchmuck's picture

Your computer gets the "Athlete's Foot" STD

GeneMarchbanks's picture

Slaughterer is showing his support for the 99%

#Masturbation

ZeroHedge: The #1 destination after watching a Japanese teen double fist a black cock.

Marginal Call's picture

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.

j0nx's picture

Uh huh, sure you haven't. And Bill Clinton never inhaled.

Marginal Call's picture

I said searched, not viewed.  I know those addresses by heart.

 

For cookie free private/no script/ad block browsing.

cossack55's picture

What about your "other" computer?

NotApplicable's picture

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

msamour's picture

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.

Jacque Itch's picture

"And I've never searched for porn on this computer"

Bwhahaahahahahahhahhaha

 

mick_richfield's picture

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!

ihedgemyhedges's picture

I searched for your icon.  Ended up on a date with a nice Latvian girl last night...........

DeadFred's picture

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. :)

LowProfile's picture

Yeah, where did all the trolls go?  It's been 48 hours since I posted

 

TROLOLOLOLO...

Bansters-in-my- feces's picture

...@ slaughterer

.................you pervert you.

Busted.

HelluvaEngineer's picture

Brian, did you get tired of being the bankers' bitch, Bitch?

Popo's picture

No, it was time to rotate into Goldman.

ACP's picture

Is Sack on Linkdin? I need someone to do some manipulation for me, on a contract basis.

Buck Johnson's picture

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.

GeneMarchbanks's picture

What/who will keep the Testes/Dow from collapsing?