Ex Bear Stearns Exec to Rescue DOE

August 11, 2008 (GBN News): According to a story on NY1, the position of Chief Financial Officer of the NY City Department of Education, vacant since 2006, is finally about to be filled. The post will be given to George Raab, who was most recently a managing director of the failed Wall Street giant Bear Stearns. NY1 reports that Mr. Raab is being hired “to help the Department of Education manage its money during these uncertain economic times.”

GBN News spoke to noted financial analyst J. Fredrick Muggs, Dean of the Manhattan University School of Business, who saw the move as a logical next step for the DOE. “The man’s already had experience on a sinking ship,” Dr. Muggs said. “What better choice could you have to go down with another one?”

Sources at the DOE told GBN News that immediately upon taking over the CFO position, Mr. Raab plans to sell the DOE to JP Morgan Chase for $19.95.