27 June 2011

Not Enough Bullets

Just who do you think that the World Bank would hire as their treasurer? Why it would be the chief risk officer for Lehman when it collapsed:
The World Bank has appointed Madelyn Antoncic as its new vice president and treasurer.

Ms Antoncic served as Lehman Brothers’ chief risk officer from 2002 to 2007 and following the collapse of the bank, stayed on for a year as managing director and senior advisor at the Lehman Estate, helping to maximise value for creditors.

Having begun her career as an economist at the Federal Reserve Bank of New York, she has worked for Goldman Sachs in various posts (including head of market risk management), and for Barclays Capital, before joining Lehman Brothers in 1999.

In her new role, Ms Antoncic will be responsible for maintaining the World Bank’s standing in financial markets and for managing an extensive client advisory, transaction, and asset management business.
Seriously, in the self dealing nepotistic and moronic world in which they live, there is literally nothing that a bankster can do,* that can prevent them from being given high profile high prestige jobs.

There are indications that she was opposed to Lehman's high risk strategy, but she chose to stay, and get a do-nothing government relations position.

If she, as chief risk officer, was unwilling to leave when she saw what was going on, and she was frozen out, any organization that hires her as treasurer has absolutely no credibility at all.

It's like putting Charlie Sheen in charge of your chastity and sobriety department.

This is why not prosecuting was such a bad idea. Like bad pennies, people like this keep coming back to do even more harm.

H/t Naked Capitalism.

*As long as you are white anyway. See the fall of Raj Raj Rajaratnam as an illustration.


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