Pimco Advisory Board: The Best Con Men And Crooks Money Can Buy
The public-to-private sector "revolving door" has crossed into the macabre twilight zone.
Recently an announcement by giant bond manager PIMCO they revealed that public service cronyism is not only alive, but has never been better, when in a press release it reported that former Fed Chairman Ben Bernanke, ex-U.K. Prime Minister Gordon Brown, and former ECB president Jean-Claude Trichet will form the backbone of a "global advisory board" at Pimco.
Bernanke, Trichet and Brown, along with Ng Kok Song, former chief investment officer of Singapore's GIC Pte, and Anne-Marie Slaughter, an ex-director of policy planning for the U.S. State Department, will provide Pimco their "collective view on global economic, political and strategic developments and their relevance for financial markets," the Newport Beach, California-based firm said in a statement Monday.
Translation: PIMCO is absolutely clueless how to trade in these centrally-planned markets and is hoping that those who created said "markets" can share some insight on how to actually generate some profits instead of suffering 14, or is it 15 consecutive months of PIMCO Total Return Fund capital outflows.
Which should make one wonder: in hopes of landing such lucrative 7 - 9 figure private sector jobs with funds like Pimco and Citadel, just who are public sector employees working for?
After all, they know they have to make a favorable impression on their future employers (read: make them lots of money) which is only possible at the expense of taxpayers, so just when will the taxpaying public rise up and ask how much longer will this farce of a "public servant" serving the public instead of their future very private sector employees, continue?
For now, these three are praying that nothing happens to the corrupt status quo that will soon generate them millions in wages.
Dr. Bernanke, Chair of the PIMCO Global Advisory Board and senior advisor to the firm, said: "I am honored to chair a Board of individuals I hold in the highest esteem. We are all excited by the opportunity to provide PIMCO's strong team of investment professionals with our collective view on how global economic, political, and strategic developments will affect markets and PIMCO's clients."
And since we can only assume Bernanke will retain his existing job at Citadel we wonder: will he high frequency frontrun the retail public's purchases in the S&P on even numbered days, while spoofing the German 2 Year Bund further into record negative territory on odd days?