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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Thu, 04/05/2012 - 12:17 | 2319684 ihedgemyhedges
ihedgemyhedges's picture

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?????

Thu, 04/05/2012 - 12:21 | 2319717 narapoiddyslexia
narapoiddyslexia's picture

So he can suck some fiat without working.

Thu, 04/05/2012 - 12:26 | 2319742 fonestar
fonestar's picture

Another high level banker resignation... could there be something to the allegations of Benjamin Fulford and David Wilcock?

Thu, 04/05/2012 - 12:32 | 2319762 NotApplicable
NotApplicable's picture

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.

Thu, 04/05/2012 - 13:22 | 2319899 aerojet
aerojet's picture

Is he tied in with Divine Cosmos? The guy that runs that site is a whole level of crazy higher!

Thu, 04/05/2012 - 15:31 | 2320200 Karl von Bahnhof
Karl von Bahnhof's picture

American bukakke is better!

Ooops! Did it again ...

Thu, 04/05/2012 - 12:55 | 2319831 Common_Cents22
Common_Cents22's picture

keeping him on payroll to keep him quiet til sept 14 for some reason.

Thu, 04/05/2012 - 14:30 | 2320043 back2basics
back2basics's picture

maybe he doesn't want to be involved in QE3 and is leaving right before the perscription is recieved 

Thu, 04/05/2012 - 12:15 | 2319685 transaccountin
transaccountin's picture

Muppet for replacement~

Thu, 04/05/2012 - 18:12 | 2320680 UP Forester
UP Forester's picture

Yeah, but I'm wondering if the Fed SOMA is the same as the Brave New World stuff....

Seems to keep "investors" pretty mellow...

Thu, 04/05/2012 - 12:16 | 2319687 baby_BLYTHE
baby_BLYTHE's picture

should be in leg irons and an orange jumpsuit. Bring back the Coinage Act of 1792!

Thu, 04/05/2012 - 12:32 | 2319766 Ratscam
Ratscam's picture

what else is Guantanamo for?
oh crony political terrorist, not financial terrorist, sorry for asking.

Thu, 04/05/2012 - 12:15 | 2319688 Marge N. Callz
Marge N. Callz's picture

To soon be replaced by Bill Gross, in order to buy MBS from himself in operation Twist 2.0.

Thu, 04/05/2012 - 12:16 | 2319691 machinegear
machinegear's picture

Mr. Sack will step down as head...

 

I am sorry. I don't know why I find that so funny...

 

*chuckle* :-)

Thu, 04/05/2012 - 12:20 | 2319714 slaughterer
slaughterer's picture

If Brian Sack becomes a whistle blower, this might really lead to some problems...

Thu, 04/05/2012 - 12:23 | 2319733 SilverIsKing
SilverIsKing's picture

for him.

Thu, 04/05/2012 - 12:30 | 2319756 PaperBear
PaperBear's picture

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.

Thu, 04/05/2012 - 12:33 | 2319769 Miffed Microbio...
Miffed Microbiologist's picture

Yeah, he better stay away from jacuzzis. Hmmm, second thought, may be not.

Thu, 04/05/2012 - 12:19 | 2319700 unwashedmass
unwashedmass's picture

 

cant wait for the book tour....

Thu, 04/05/2012 - 12:19 | 2319701 undercover brother
undercover brother's picture

he's probably made enough money frontrunning himself and now ready to enjoy his retirement

Thu, 04/05/2012 - 12:19 | 2319706 ZippyBananaPants
ZippyBananaPants's picture

Who gives a shit?  Apple is ready to hit a new high!

Thu, 04/05/2012 - 12:19 | 2319707 Josh Randall
Josh Randall's picture

Rats adandoning ship -- all the high profile resignations are mounting towards something significant

Thu, 04/05/2012 - 12:19 | 2319708 YesWeKahn
YesWeKahn's picture

on Goldman's payroll?

Thu, 04/05/2012 - 12:20 | 2319712 101 years and c...
101 years and counting's picture

where do i apply?  i can mindlessly buy the most insolvent junk imaginable with taxpayer money and be ok with a $200k salary!!!!

 

Thu, 04/05/2012 - 12:21 | 2319716 Hansel
Hansel's picture

Wonder which bank he's going to for his 7 figure salary.

Thu, 04/05/2012 - 12:21 | 2319718 vmromk
vmromk's picture

Bring that "human" piece of garbage back, who the hell is gonna keep AAPL above $600/share?

Bernanke (you MOTHERFUCKER) help !!!!!

Thu, 04/05/2012 - 12:22 | 2319720 tardball
tardball's picture

To top of Sack's sacking, he needs a good, swift shot to the sack.

Thu, 04/05/2012 - 12:21 | 2319723 Lost Wages
Lost Wages's picture

But now the Fed can't use Sack as collateral.

Thu, 04/05/2012 - 12:22 | 2319726 Catullus
Catullus's picture

Please. It's Brian P. Sack.

Thu, 04/05/2012 - 12:22 | 2319727 Bartanist
Bartanist's picture

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.

Thu, 04/05/2012 - 13:01 | 2319842 i-dog
i-dog's picture

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.....

Thu, 04/05/2012 - 17:46 | 2320620 msamour
msamour's picture

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...

Thu, 04/05/2012 - 12:22 | 2319728 unwashedmass
unwashedmass's picture

 

out two steps before the unavoidable mega crash......and the peasants with pitchforks...

Thu, 04/05/2012 - 12:23 | 2319729 infinity8
infinity8's picture

Isn't 9/14 the day of the next debt ceiling breach?

Thu, 04/05/2012 - 12:22 | 2319730 junkyardjack
junkyardjack's picture

The economy is doing great, no need for government manipulation anymore...

Thu, 04/05/2012 - 12:23 | 2319731 SantaCruz
SantaCruz's picture

frees up another kushy spot for an ex-goldmanite

Thu, 04/05/2012 - 12:23 | 2319732 penexpers
penexpers's picture

Fuck you, Brian Sack.

Thu, 04/05/2012 - 12:25 | 2319741 BrokeDayTrader
BrokeDayTrader's picture

He'll become managing partner at some blue blood firm soon enough.

I hate that guy!!!

Thu, 04/05/2012 - 12:26 | 2319745 Henry Chinaski
Henry Chinaski's picture

Frees him up to be on Romney's cabinet.

Thu, 04/05/2012 - 12:26 | 2319746 rosiescenario
rosiescenario's picture

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.

Thu, 04/05/2012 - 12:29 | 2319751 rufusbird
rufusbird's picture

Sad Sack

Thu, 04/05/2012 - 12:34 | 2319755 jack stephan
jack stephan's picture

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.

Thu, 04/05/2012 - 12:53 | 2319827 j0nx
j0nx's picture

And in the end surrounded by books with no way to read them. Great episode, one of my all time favorites in fact.

Thu, 04/05/2012 - 13:06 | 2319861 Jacque Itch
Jacque Itch's picture

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.

Thu, 04/05/2012 - 13:28 | 2319915 WAMO556
WAMO556's picture

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!!!

Thu, 04/05/2012 - 12:30 | 2319757 icanhasbailout
icanhasbailout's picture

My cat says there's a derivatives unit waiting for him at JPM

Thu, 04/05/2012 - 12:30 | 2319758 tekhneek
tekhneek's picture

Tyler the prophet.

 

Thu, 04/05/2012 - 12:34 | 2319759 Kaiser Sousa
Kaiser Sousa's picture

It was supposed to read, "Brian Sack Head Of The NY Fed Has Been Shot Dead..." GOD DAMMIT!!!!

Thu, 04/05/2012 - 12:31 | 2319761 Aunty Christ
Aunty Christ's picture

Interesting timing, his last day will be right around the end of Operation Twist. Who needs Sack if there's no more QE?

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