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As previously mentioned, Ben Bernanke has been doing quite well for himself since leaving the Federal Reserve. Whereas his previous yearly take-home was in the low six figures, anyone hoping to take a brief meeting with him now had better be prepared to cut a check for at least that much and throw in a meal. Speaking of which, hedge fund manager David Tepper will probably pay more attention the next time he drops a quarter million on dinner with the former Chief.
During his eight years as steward of the world’s largest economy, Mr. Bernanke’s salary was about $200,000 a year. Now he makes that in just a few hours speaking to bankers, hedge fund billionaires and leaders of industry. This year alone, he is poised to make millions of dollars from speaking engagements. Mr. Bernanke is following a well-trodden path that his predecessor, Alan S. Greenspan, and other Washington policy makers have taken. On the speaking circuit, he is putting just one foot through the revolving door between Washington and Wall Street, being paid by financial firms but not employed by one…
At his first of several dinners after retiring from the Fed in March, Mr. Bernanke spoke to a group of hedge fund managers, including Mr. Novogratz, at Le Bernardin in Midtown Manhattan. The setting was so intimate that the group took up just one of the four-star restaurant’s three private dining rooms…David A. Tepper, founder of the $20 billion hedge fund Appaloosa Management, who was also at the Le Bernardin dinner, expressed regret that he did not trade on Mr. Bernanke’s guidance at the dinner. “He gave this stuff out, but I didn’t realize what he was saying at the time, so I didn’t do a great trade,” Mr. Tepper said at the conference in Las Vegas last week.
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