(FORTUNE Magazine) – One of Silicon Valley's favorite parlor games is guessing when Google will go public. Though CEO Eric Schmidt says an IPO isn't imminent (see "Tech: Where the Action Is"), here's a sign that Google is at least thinking of testing the public waters: It has hired respected former CSFB analyst Lise Buyer, 43, to be what she calls "official lug-nut checker." (Buyer left CSFB in 2000 and has not been implicated in any of the charges against former boss Frank Quattrone.)

Her title is "director of business optimization," meaning she'll be looking for problems other folks might be missing. "All of us who have been around the tech world awhile have seen way too many cool, fast-growing companies smack into a wall because no one was paying enough attention to the tiny, icky stuff below the radar," says Buyer, who will also be prepared to tell Google's story "should they choose to have a wider audience."

Pretty clever on Google's part. Buyer can brief management on what to expect from investors while also helping Google send the right message back to Wall Street. As for when to look for that IPO, Buyer has the party line down: "There is no time line on that to my knowledge." --Adam Lashinsky