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Last Updated: Wednesday, 16 May 2007, 12:07 GMT 13:07 UK
New job for ex-Fed boss Greenspan
Alan Greenspan
Alan Greenspan has been working the lecture circuit
Veteran US central bank chief Alan Greenspan has landed his first client since stepping down from the Federal Reserve last year.

Mr Greenspan is to act as an adviser to Pimco, a bond investment fund belonging to German insurer Allianz.

Allianz said he would discuss economic trends and Federal Reserve strategy with Pimco's executives once a quarter.

Mr Greenspan, now 81, was Fed chairman for 18 years before being replaced in January 2006 by Ben Bernanke.

His consulting firm, Greenspan Associates LLC, is still looking for other private sector clients - although none that compete with Pimco. He has already agreed to provide periodic advice to the UK Treasury.

Now that he's on the team, we would expect for him to be open and expressive in terms of his views
Bill Gross, Pimco

Since leaving the Fed, Mr Greenspan has spent his time writing his memoirs - supposedly having received an advance of more than $7m - and giving speeches at upwards of $100,000 a time.

Even though the speeches have generally been delivered to private audiences, they have nonetheless made headlines and moved markets.

In February this year, he suggested that the US was at risk of slipping into recession - comments which were widely blamed for playing their part in stock market falls worldwide.

Mr Greenspan had a reputation for deliberately impenetrable pronouncements while at the Fed.

But Pimco's chief investment officer, Bill Gross, told the Wall Street Journal that behind closed doors at the firm, he expected things to be different.

"Now that he's on the team, we would expect for him to be open and expressive in terms of his views," Mr Gross told the paper.


SEE ALSO
Greenspan memoirs sold to Penguin
08 Mar 06 |  Business
Greenspan signs up to UK Treasury
01 Feb 06 |  Business
Bernanke approved as new Fed head
31 Jan 06 |  Business

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