Former Fed Member, And Guy Who Came Up With Idea To Sell Treasury Puts, Joins Morgan Stanley As Chief US Economist
Morgan Stanley continues to demonstrate just how badly it lags Goldman. While the vampire squid is mostly known for sending its employees to run such places as the US Treasury, the New York Fed and the ECB (in 2 short months), Morgan Stanley has to be content with the inverse, i.e. hiring former Fed apparatchicks, in this case former long-time Fed advisor Vince Reinhart, who among other things is best known for collaborating with Ben Bernanke on discovering that Operation Twist does not work, and, of course, proposing the currently overt Treasury manipulation operation (for those times when QE is not sufficient) which involves selling puts on Treasury futures (link).
Full press release:
Morgan Stanley (NYSE: MS) announced today that Vincent Reinhart will join the firm as Chief U.S. Economist in New York, effective October 1.
Mr. Reinhart joins the firm’s Economics Research team from the American Enterprise Institute in Washington, where he was a Resident Scholar. From 1990 to 2007, he held senior positions at the U.S. Federal Reserve, including Secretary and Economist of the Federal Open Market Committee.
“Vincent has been an important voice in global economic debates for years, and we welcome him to Morgan Stanley,” said Ted Pick, Global Head of Equities. “He complements a talented global team of economists and strategists at the firm, and we look forward to his thought leadership and insight.”
Added Ken deRegt, Global Head of Fixed Income Sales and Trading: “We are extremely pleased to welcome Vincent to Morgan Stanley. His decades of experience at the Fed, along with his esteemed scholarship on a variety of macroeconomic issues, will be a tremendous asset to our clients.”
Mr. Reinhart will be responsible for the firm’s analysis of the U.S. economy.
He will lead a team that includes U.S. Fixed Income Economist and Managing Director David Greenlaw.
As a reminder, here is Vince Reinhart's contribution to efficient markets: the Fed's complete blueprint on how to manipulate stock and bond markets. We hope comparable manipulation techniques finally allow Morgan Stanley to generate at least $1 in profit from its rates desk after 2+ years of losses.
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