Ben Bernanke, once the most powerful banker in the world, has a new job.
In an interview with the New York Times the former US Federal Reserve Chairman revealed he is joining Citadel Investment Group as a senior advisor, one of the largest hedge funds in the US.
The role will be to offer Citadel perspective on monetary issues and other matters of public policy.
Having knocked back the opportunity to join several banks Bernanke told the Times that he decided to join the Citadel, in part, because it it was not regulated by the US Federal Reserve.
Bernanke will be paid an undisclosed annual fee although he will not take up a stake in the firm nor receive a bonus based on the its performance. The arrangement is also non-exclusive, allowing him the opportunity to take on other consulting roles.
An expensive hire, no doubt, but certainly not the worst person to be advising you.
There’s more at The New York Times .