Latest Fed Rat to Jump Ship Joins [Recently Downgraded] Citi; Cited as Expert in "Europe" and "Emergency Lending Programs"

Bernanke's learning the hard way how the pimpin game is played.

"You know the rules, your economist chose me."

After losing Brian Madigan and David Stockton to retirement, the latest of Bernanke's top three economic advisors to announce departure, Nathan Sheets, has just joined Citi as the firm's Global Head of International Economics. From BusinessWire:

NEW YORK, Sep 22, 2011 (BUSINESS WIRE) -- Citi today announced that Nathan Sheets has joined the Firm as Global Head of International Economics within Citi's Investment Research & Analysis division. Mr. Sheets will be based in New York. He will report jointly to Citi's Chief Economist, Willem Buiter, and to Citi's Global Head of Investment Research, Andrew Pitt. Mr. Sheets will work with Willem Buiter to lead the Firm's team of international economists, with a special focus on the position of the US in the global economy.

Mr. Sheets joins from the Federal Reserve Board in Washington D.C. where he served as Director of the Division of International Finance and as an Economist to the FOMC. Among his most notable accomplishments, Mr. Sheets acted as the Fed Chairman's international adviser at the onset of the European fiscal crisis in the spring of 2010. He was also a driving force behind the Federal Reserve Board's global emergency lending program.

Mr. Sheets acted as senior advisor to the U.S. Executive Director at the International Monetary Fund (IMF) while on leave from the Federal Reserve. In this capacity, he served as a liaison between the IMF and various U.S. government agencies.

Mr. Sheets received his Bachelors of Economics from Brigham Young University and his PhD from the Massachusetts Institute of Technology.

"We are excited to welcome Nathan to the firm. He brings with him an innate understanding of global macroeconomic issues and he will provide incredible guidance to our clients," said Andrew Pitt, Global Head of Citi Investment Research & Analysis.

Hamid Biglari, Citicorp Vice Chairman and Head of Emerging Markets and Content, added, "With over 18 years of experience with the Federal Reserve, Nathan's appointment underscores Citi's commitment to bring the highest quality insights to our clients."