The practice of former regulators and government officials crossing the street to work for those they once supervised is quite common, but rare is there an announcement like the one PIMCO made on Dec. 7.
In announcing the creation of its Global Advisory Board, PIMCO managed to grab a former head of state, Fed Chairman, European Central Bank (ECB) President and State Department official.
Chairing the board is former Federal Reserve Chairman and Brookings Institution scholar Ben Bernanke. He is joined by Gordon Brown, the former Prime Minister of the United Kingdom, former ECB President Jean-Claude Trichet, one-time U.S. State Department Director of Policy Planning Anne-Marie Slaughter, and Ng Kok Song, who used to be the Chief Investment Officer for the Singaporean government.
No word on whether former Canadian Prime Minister Stephen Harper was asked to bring the doughnuts.
The quintet will meet several times each year in Newport Beach and at other PIMCO locations. They are also expected to attend PIMCO’s annual Secular Forum each May.
“I am honored to chair a Board of individuals I hold in the highest esteem,” Mr. Bernanke said. “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.”
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