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Head Of Fed's Plunge Protection Team Withdraws Resignation, Will Stay As Advisor To Goldman's Bill Dudley

Tyler Durden's picture




 

A week ago we noted that the departure of the Fed's PPT head, Brian Sack, whose tenure was set to end today, which we casually reminded the market about hours earlier:

... and his replacement with an academic, would likely be the greatest undiscussed S&P catalyst as the head of the entire US equity market, not to mention the Fed's POMO and various other known and unknown open market operations, would be none other than a B-Grade UCLA academic. Well, this has now changed, because as Dow Jones reports Brian Sack has withdrawn his resignation from the New York Fed, and will stay on as advisor to Goldman FRBNY plan Bill Dudley.

  • BRIAN SACK WITHDRAWS RESIGNATION FROM NEW YORK FED
  • BRIAN SACK TO STEP DOWN AS HEAD OF NEW YORK FED MARKETS GROUP
  • BRIAN SACK TO STAY AT NEW YORK FED AS ADVISOR TO DUDLEY

The status quo must continue at all costs. And for those wondering why Sack must stay on at all costs, we bring your attention to the following post from December 2010: "Why Does Brian Sack Interact With Goldman's "FX Committee"?"

 

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Fri, 06/29/2012 - 10:14 | 2573118 RacerX
RacerX's picture

With a name like Dudley, it has to be good.

Fri, 06/29/2012 - 10:17 | 2573127 SHEEPFUKKER
SHEEPFUKKER's picture

B. Sack sweating it. 

Fri, 06/29/2012 - 10:23 | 2573146 Xibalba
Xibalba's picture

Ball Sack 

Fri, 06/29/2012 - 10:47 | 2573231 CIABS
CIABS's picture

Did we ever get the dope on why Sack quit in the first place?

Fri, 06/29/2012 - 11:15 | 2573305 NotApplicable
NotApplicable's picture

"Mission Accomplished"

And for the record, it's Brian P. Sack.

Fri, 06/29/2012 - 11:33 | 2573378 goldfish1
goldfish1's picture

At that level, there's no real choice in the matter.

"Brian, we understand. But you have to see our side. Of course you're free to make whatever decision you need to. However, we do have those hard drives with the unmentionable websites you may have visited in the past. We certainly don't want to play that card. Of course you understand."

Fri, 06/29/2012 - 13:01 | 2573725 Gringo Viejo
Gringo Viejo's picture

Where's Chauncey Gardner when you need him?

Fri, 06/29/2012 - 14:10 | 2573977 Overflow-admin
Overflow-admin's picture

GOLDBALLSACKS!!!

Fri, 06/29/2012 - 10:37 | 2573196 RacerX
RacerX's picture

They need to bring someone on named "B. Powder". To help B.Sack when things get a little stressful.

Fri, 06/29/2012 - 10:49 | 2573236 Alpo for Granny
Alpo for Granny's picture

B. Goldbond. Or for you Europeans.. B. Goldbund.

 

 

Fri, 06/29/2012 - 11:22 | 2573326 NotApplicable
NotApplicable's picture

Otherwise you end up with Schweddy Balls. (NTTAWWT)

Fri, 06/29/2012 - 10:18 | 2573130 ZippyBananaPants
ZippyBananaPants's picture

This is some of the finest window dressing I have seen in years.  Gotta give them credit!

Fri, 06/29/2012 - 10:14 | 2573121 Barry McBear
Barry McBear's picture

JPM didn't think the timing was right for him to start his new job given the current attention they're getting.

Fri, 06/29/2012 - 10:29 | 2573171 DeadFred
DeadFred's picture

It was more of an emotional decision for him. Reptilian transplants prefer the company of their own and there is no more nurturing environment on SolIII than the New York Fed.

Fri, 06/29/2012 - 10:15 | 2573122 miker
miker's picture

Things are falling apart.  They need him to stay.

Fri, 06/29/2012 - 10:28 | 2573161 THX 1178
THX 1178's picture

Not fast enough.

Fri, 06/29/2012 - 10:14 | 2573123 spekulatn
spekulatn's picture

Transitory, dude.

Fri, 06/29/2012 - 10:17 | 2573124 Cognitive Dissonance
Cognitive Dissonance's picture

Brain Sack just can't let go of the thrill. "Just a little taste for old times bro" Brian was quoted as saying to his master.

Time for rehab Brian. Just say no.

Fri, 06/29/2012 - 12:31 | 2573621 machineh
machineh's picture

Brian Sack -- BACK BY POPULAR DEMAND.

As with Elvis, we just can't imagine the world without him.

Now Brian can serve as Dudley's echo and sock puppet.

'Should we do another POMO today, Brian?'

"Why yes, Bill. Yes, I believe we should!'

Fri, 06/29/2012 - 10:15 | 2573125 Burr's 2nd Shot
Burr's 2nd Shot's picture

Maybe they are working on fattening up his fingers?

Fri, 06/29/2012 - 10:16 | 2573126 Cursive
Cursive's picture

Cue Al Pacino: "I keep trying to leave by they keep pulling me back in!"  If Brian Sack thinks he can walk away from this organized crime syndicate with his life or his family, he's got another thing coming.

Fri, 06/29/2012 - 10:18 | 2573131 Cognitive Dissonance
Cognitive Dissonance's picture

....he's got another thing thug coming after him.

Fixed it for ya bro. :>)

Fri, 06/29/2012 - 10:20 | 2573136 RobotTrader
RobotTrader's picture

Anybody who thinks there is going to be any reform or change to the "Infinite Fiat Ponzi Pyramid Scheme" is dreaming.

 

1. Same Alpha Thugs in power in the U.S.

2. New Alpha Thugs just took control in Brussels and have complete power in Europe

3. Fractional Reserve Banking is getting bigger, not smaller

4. OTC Derivatives is expanding at an ever increasing pace

5. The "Resilient Consumer" is now stronger than ever, as credit is still plentiful

6. Ft. Knox is still wrapped in a shroud of secrecy no audit is ever going to happen

7. Old Fiat Currencies eventually will be replaced by new Fiat Currencies

8. No sign of a gold standard or specie-backed currency anywhere in the world.

9. Fed "Jawboning" over time is becoming even more effective in managing currency and commodity prices

10. Any and all financial catastrophes will be solved.  Repeats of 2008 will never be allowed.

11.  Rents at The Hamptons get more expensive year in, year out.  Every 4th of July weekend is even bigger than the year prior, with more exotic escorts, fancier cars, and even heavier partying.

 

Any questions?

Fri, 06/29/2012 - 10:31 | 2573151 Cognitive Dissonance
Cognitive Dissonance's picture

12. Having had a spiritual financial awakening as the result of these steps, we tried to carry this message to other fiat addicts, and to practice these corrupt principles in all our Ponzi affairs.

Fri, 06/29/2012 - 10:25 | 2573153 SilverTree
SilverTree's picture

Thanks for grounding us Robo, are heads up in the clouds.

Fri, 06/29/2012 - 10:26 | 2573155 Cursive
Cursive's picture

@RobotTrader

Yes, one question.  How are these "Alpha Thugs" going to stimulate real demand, without which the Ponzi is doomed to collapse?

Fri, 06/29/2012 - 10:28 | 2573164 LawsofPhysics
LawsofPhysics's picture

Don't feed the trolls, Robo fails to appreciate the difference between all things physical and all things paper.  In essence robo's post could be summarized as "paper is still being accepted and it is the end of the quarter for Wall Street".  He is correct, otherwise see my post below.

Fri, 06/29/2012 - 10:35 | 2573189 Cursive
Cursive's picture

@LawsofPhysics

I hear you about the trolling, but I've corresponded with Robo since the early blogspot days of ZH.  He said he used to laugh at the cynical predictions of "Rasputin," but that he had come to see the light.  His posts morphed into an MDB-type sarcastic rant and he began to lose respect here.  I will still correspond with him on serious topics.

Fri, 06/29/2012 - 12:15 | 2573538 ITrustMyGut
ITrustMyGut's picture

ya know.. as a Consiracy follower for 25+ years ( first read Secrets of the Federal Reserve in late 80's ) I kind of have to understand.

 

its pretty hard to have any real hopium any more. the ability to kick cans... seems absolutely infinte.

 

friends send me the Drakes, Bix's, Fulfords, Wilcock's.. the Okie_Oil_Man's, they get hope from that... but personally.. all sounds like a bunch of BS anymore.... I mean...really..

 

what or who..has suffcient leverage.. to make a play against the central planning cabal?

 

I dont think anything short of rainbow riding unicorns, or the "greys" *cough*

 

so.. ya... same as it ever was...

Fri, 06/29/2012 - 10:26 | 2573157 Stoploss
Stoploss's picture

Are your property taxes up to date?

Fri, 06/29/2012 - 10:41 | 2573211 lieutenantjohnchard
lieutenantjohnchard's picture

you've posted similar statements over the years. kind of a normalcy bias. your item number 7 undermines items 2, 5, 8, 9 and 10. item 2 assumes people cannot move freely in europe or have the freedom to leave. i think you're projecting yet again.

Fri, 06/29/2012 - 10:51 | 2573243 francis_sawyer
francis_sawyer's picture

Thanks Gatsby... Now go back to your mom's basement...

Fri, 06/29/2012 - 11:35 | 2573389 goldfish1
goldfish1's picture

The "Resilient Consumer" is now stronger than ever, as credit is still plentiful

Just not in great enough numbers.

Fri, 06/29/2012 - 10:22 | 2573145 Miss Expectations
Miss Expectations's picture

Simon Potter objected to killing muppels.

Fri, 06/29/2012 - 10:30 | 2573174 Cognitive Dissonance
Cognitive Dissonance's picture

First real out loud laugh of the day.

Thanks. :>)

Fri, 06/29/2012 - 11:20 | 2573321 NotApplicable
NotApplicable's picture

We're so sorry, Simon Potter,
We're so sorry if we caused you any pain.
We're so sorry, Simon Potter,
But there's no one left at home
And I believe I'm gonna reign.

Fri, 06/29/2012 - 10:22 | 2573148 Kaiser Sousa
Kaiser Sousa's picture

"reunited and it feels so good..."
Peaches & Herb....

DEATH TO ALL BANKERS....

Fri, 06/29/2012 - 10:26 | 2573149 LawsofPhysics
LawsofPhysics's picture

In reality folks there are many many dark pools of money and alliances that are or have already been established.  Sack is just another tool.So long as venders keep accepting fiat, nothing changes.  Damn I hate it when it looks like I agree with robo.  Oh well, time to go sell some more commodities, I do have a July 4th party to get to as well.  The family is already at the vacation house.  The corn, soybeans, and other crops are all coming in fine too (these are my physical commodites)  One thing robo fails to appreciate is the difference between paper and physical.  Today I am selling paper.

Fri, 06/29/2012 - 10:27 | 2573160 BandGap
BandGap's picture

So, why did he resign in the first place? Is his not resigning a sign that something is about to turn in the FX markets?

Death of paper? China taking control? EU finally hitting the bottom of the canyon?

This had to happen for a reason.

 

Fri, 06/29/2012 - 10:29 | 2573169 pods
pods's picture

We can tell he is still at work!

Isn't today the end of quarter or some such thing for funds?

pods

Fri, 06/29/2012 - 10:30 | 2573173 midgetrannyporn
midgetrannyporn's picture

Sack took the rite of initiation he can never quit.

Fri, 06/29/2012 - 11:53 | 2573452 Morrotzo
Morrotzo's picture

He woke up with a goat's head under the comforter.

Fed til Dead!

 

 

Fri, 06/29/2012 - 10:31 | 2573177 asteroids
asteroids's picture

The Alpha Thugs want to see the Boomer generation retire intp poverty eating Mac and Cheese with them taking all their money.

Fri, 06/29/2012 - 11:48 | 2573428 ebworthen
ebworthen's picture

The FED, being a non-legal cabal of bankers, must of course consult with the vampire squid from whence it's minions spawn.

Fri, 06/29/2012 - 11:48 | 2573430 slewie the pi-rat
slewie the pi-rat's picture

this was arranged before the last press release, but they didn't want to tip their hand and still don't apparently

organizationally, brianS is coming in at a LINE position under the bigDudDude and will supervise his prev desk and probably at least 4 more

those other desks could be anywhere on the planet i would think, at this point

they have worked it out and let the games begin!

Fri, 06/29/2012 - 12:19 | 2573570 Seasmoke
Seasmoke's picture

You can check in anytime you like, but you can never leave.

Fri, 06/29/2012 - 15:20 | 2574256 atomicwasted
atomicwasted's picture

I wonder if he got offered something, or threatened with something, or both.

Fri, 06/29/2012 - 16:15 | 2574472 Mrmojorisin515
Mrmojorisin515's picture

Guess he couldn't find a job in the private sector, such a tough job market.

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