Last month I wrote an article linking to a study at Harvard on the dangers of hiring based solely on experience.

On a different, and seemingly unconnected subject, everyone has read and heard the term ‘risk’ and ‘risk assessment’ in conjunction with our current economic hell (sorry, I’m tired of all the euphemisms) and most of us wonder what the drugs of choice were for those who were paid to assess said risk.

Now I’m wondering what the drugs of choice are at the New York Federal Reserve Bank, which apparently took titles and job description as proof of competency and hired Michael Alix, “the former “chief risk officer” of fallen investment giant Bear Stearns as a top bank regulation adviser…”

If it’s not drugs, maybe the folks at the Fed made their decision based on the old adage set a thief to catch a thief or to embrace the spirit of Halloween when they made the announcement.

As Malcolm Polley, chief investment officer at Stewart Capital Advisors commented, “It’s like putting the fox in charge of the hen house.”

Aren’t you excited? Your tax dollars at work paying what will be a hefty salary to a guy who played a major leadership role in the current credit crisis.

Ah, America, where so many white collar sins reap such rich rewards.

Hat tip to Mark at Biz Levity who turned me on to this news item and so hilariously skewered it.

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Image credit: flickr

This entry was posted on Monday, November 10th, 2008 at 5:30 am and is filed under About Leadership, Culture, Ethics, Leadership Choice, Leading Stupidities, management, What Leaders DON'T. You can follow any responses to this entry through the RSS 2.0 feed.
Tags: Biz Levity, chief risk officer, Michael Alix, NY Federal Reserve Bank, risk
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