You'd have to be crazy to hire this guy

A short while ago, Toni Straka at The Prudent Investor relayed a story about Deutsche Bank having just hired former Fed chairman Alan Greeenspan as a consultant.

Many would have thought they'd have more sense than to do something like that - after all, they are German.

German banking colossus Deutsche Bank has signed up former Federal Reserve chairman Alan Greenspan as an adviser to its corporate and investment banking activities, specifically excluding asset management.

Greenspan told the German daily Frankfurter Allgemeine that he looked forward to working with a bank with which he had pleasure dealing with before. He said the deciding factor was that former Fed economist Peter Hooper now heads research at Deutsche Bank Securities.

Sources inside the bank said Greenspan's job obligations would be to attend 1 to 3 conferences per quarter and frequent consultations by phone as well as some analytical work. The value of his contract was not disclosed.

Greenspan said he accepted the job after finishing writing his memoirs which are scheduled to be published on September 17.

It is his second consultancy job. Earlier this year he became consultant to Pimco, a subsidiary of German financial giant Allianz.

Wow, Pimco and now Germans - can't anybody put two and two together and figure out that you'd have to be crazy to hire this guy to help you out with your business after the mess he's left behind in the U.S. economy?