Bernanke to join PIMCO as senior advisor.
Former Fed Chairman Ben Bernanke will join PIMCO as a senior advisor, a role similar to the one Edward Greenspan took soon after he left the Fed. Earlier this month, Bernanke also joined Citadel as an advisor.
"There won't be anymore. They (Pimco and Citadel) prefer not having me consult too many firms and I personally think working with two firms will be plenty, Bernanke told Reuters.
It's tough to question Bernanke's integrity because he's worked his entire career as a salaried employee and he's not particularly rich. Salaries were disclosed but it would be tough to turn down millions from the world's biggest bond fund and biggest asset manager may be too much to pass up.
When asked by Reuters if he has advised Pimco to prepare for an expected interest rate hike this year, Bernanke said: "No, I haven't given them any advice on that. I will be speaking broadly about the economy and markets."
All told, Bernanke said: "From my perspective, they are a firm that the way they operate is by taking a macro view -- they try and decide how they see the economy evolving both in the United States and abroad and they base their investment strategies on that macro view. That's something where I believe I can be helpful, thinking about where the economy is going."
"I am not going to be involved in any kind of lobbying or any kind of influence with the Fed or Congress or anybody else in the government," he said.
