WASHINGTON — The former chief risk officer at investment bank Bear Stearns, which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks. Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, was named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, according to an announcement by the Fed.
In his new job at the central bank, which facilitated Bear’s sale to JPMorgan Chase, Alix will help oversee the financial safety and soundness of banks, which are inspected by Federal Reserve examiners.
“That’s incredible,” said James Cox, a Duke University law professor and securities law expert. “This is not reassuring. . . . What is there in this person’s experience and skill package” that qualifies him for the Fed position?
Cox and another expert said the move might have made sense if Alix had sounded the alarm about Bear’s financial situation.
