Sayeth Kruggles: “Yes, I’ve heard about the notion that I should be nominated as Treasury Secretary. I’m flattered, but it really is a bad idea. Part of the reason is that I am indeed the World’s Worst Administrator — and that does matter. Someone else can do the paperwork — but an administrative job requires making hiring and firing decisions, it means keeping track of many things, and that, to say the least, is not my forte…officials inside the administration can of course have even more influence — but only if they’re good at a very different kind of game, that of persuading the president and his inner circle in behind-closed-doors discussion. And everything I know about myself says that I’m not very good at that game. By my reckoning, then, an administration job, no matter how senior, would actually reduce my influence, leaving me unable to say publicly what I really think and all too probably finding myself unable to make headway in internal debates.” [NYT, related]
Over the weekend, the UBS board appointed Sergio Ermotti interim CEO, following Oswald Gruebel’s resignation. This was a good start, but not enough, according to Ethos Foundation head Dominique Biedermann, who only owns a 0.1% stake in UBS but feels strongly his opinions are good ones and should be heard. First off, Biedermann wants Chairman Kaspar Villiger and I-bank chief Carsten Kengeter canned. Then, he wants UBS to get rid of the investment bank. As for CEO candidates? While the board has apparently been sitting around with its thumbs up its ass, Biedermann went out and found the perfect guy for the job, who may or may not be his brother-in-law and/or just a guy he owes a favor. Read more »
And a current and former Fed chair discuss legacies over IM.
GaldalFed: re: Krugman…
GaldalFed: the post…about your FT thing
Maestro69: no idea what you’re talking about
Maestro69: was the guttersnipe trying to blame me for that contracted period of economic dislocation? he needs new material
GaldalFed: it was in response to your FT op-ed saying we should repeal Dodd-Frank
GaldalFed: “Alan Greenspan continues his efforts to cement his reputation as the worst ex-Fed chairman in history” Read more »
Neither Warren Buffett nor myself think or want it to come to this (the sex machine and I like our Fed Chairmen soft-spoken, bearded, and outfitted by Jos A. Bank) but some people– Barbara Boxer, Byron Dorgan, Russ Feingold– have forced our hand. In the event Benj is not in fact confirmed, who should take over his post? And what would the Beard do next? Back to playing D&D with his academics? We already know Greenspan’s rescinded his letters of recommendation for the cushy lecture circuit on account of Bernankle’s attempt to pin some of the blame for the shit that’s gone down on The Maestro.