By Chuck Butler

We used to have a local newspaper that carried a weekly article called, "news of the weird." As you can imagine the articles would be quite entertaining. The reason I bring this up, is, I was reading an article on Friday, and it reminded me of "news of the weird."

Here goes…Michael Alix, formerly chief risk officer at Bear Stearns from 2006 until its demise in March, was named senior vice president in the Bank Supervision Group of the New York Fed on Oct. 31.

Okay, I could just leave that one alone, but honestly, I’d rather rip into the Fed for hiring the guy who was the watchdog over risk at Bear Stearns. I mean come on! Shouldn't this guy have just slipped off quietly?

But, to his credit, the Fed thought enough of his abilities to hire him. What the heck is going on at the Fed?!

We all know that the Fed's balance sheet is growing bigger all the time with "risky assets", and they need someone to manage that risk.

Buy why would they pick the guy from Bear Stearns – the now defunct Bear Stearns – to watch over that risk?