Spin revolving door, spin.
Recently “retired” Dallas Fed chief Richard Fisher — who really, really believed that talk of falling oil prices negatively affecting the Texas economy amounted to “bull droppings” until a JP Morgan analyst reminded him that the “only thing dropping in the Texas economy [was] jobs” — is following proudly in the footsteps of Ben Bernanke, Jeremy Stein, and Janet Yellen (if you count unofficial, off-the-record ‘consultations’) by becoming the latest Fed policymaker to ink a lucrative deal ‘advising’ the private sector.
As WSJ reports, Fisher will become a “senior advisor” to Barclays starting on July 1:
Barclays PLC on Monday named Richard Fisher, who recently retired from his post as head of the Federal Reserve Bank of Dallas, as senior adviser at the bank.
“His exceptional knowledge and extensive experience in monetary policy, financial markets and services, global trade negotiations and regulatory matters will be of tremendous value to Barclays and to our clients,” said Tom King, who is chief executive of the investment bank at Barclays.
Yes, we imagine it will.
Also of “tremendous value” to the bank (which, you’re reminded, somehow managed to get itself involved in each and every financial scandal that’s come to light over the past half decade or so) will be Fisher’s connections and pull, because as we’ve seen time and again with Deutsche Bank and the SEC, the next best thing to installing former employees in key regulatory and policymaking roles is having former regulators and policymakers on the payroll. And he'll be a particularly handy guy to bounce ideas off of for anyone at the bank who covers AT&T or Pepsi.
This would be appalling if it weren't so commonplace.
About the only thing worse would be if a former Fed Chair joined the world's most influential, highly leveraged HFT hedge fund. Oh, wait...