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Last Updated: Tuesday, 14 August 2007, 11:07 GMT 12:07 UK
Greenspan gets Deutsche Bank role
Alan Greenspan
Mr Greenspan has been busy since he left the Fed
Former US Federal Reserve chairman Alan Greenspan has taken on the role of senior adviser to Deutsche Bank's investment banking unit.

It is the latest such position Mr Greenspan has accepted since he left the US central bank in January 2006.

Mr Greenspan, now 81, was Fed boss for almost 19 years, before being replaced by the current chairman, Ben Bernanke.

Now running his own consulting firm, Mr Greenspan also advises the UK Treasury on global economic change.

He has also advised Pimco, a bond investment fund belonging to German insurer Allianz.

'Financial architect'

"We at Deutsche Bank are delighted to be able to offer our investment banking clients access to Alan Greenspan's strategic insight," said the firm.

"His position as one of the architects of the modern financial system gives him a unique perspective from which to help our clients make critical risk management decisions."

Since leaving the Fed, Mr Greenspan has further spent time writing his memoirs, after receiving an advance from publisher Penguin reported to be more than $7m (3.5m).

In addition, he has been paid more than $100,000 a time to give speeches that remain closely watched by the markets.

Although he is widely respected, in recent months there has been some criticism of Mr Greenspan in the US, with a few commentators claiming that he is at least partly to blame for the current downturn in the sub-prime mortgage sector.

The sub-prime sector concerns higher risk housing loans offered to people with poor credit histories, or those on low incomes.

As US interest rates have risen over the past year, the number of loan defaults in the sub-prime industry has hit a record high.

Critics claim that while at the Fed, Mr Greenspan should have done more to prevent banks from lending to such high-risk borrowers, rather than encouraging ever more home ownership.




SEE ALSO
New job for ex-Fed boss Greenspan
16 May 07 |  Business
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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