by Tanta on 6/11/2007 09:46:00 AM
Monday, June 11, 2007
Industry alarm about a US regulatory clampdown, however, has risen amid calls from some congressional lawmakers for better transparency despite assertions by the US Treasury that the sector's self-policing is adequate.
Executives and insiders say, however, that a feared regulatory assault only partly explains the race to hire well-connected officials.
"Everyone brings something to the table," said an individual at one private equity firm who requested anonymity.
He said former government officials can provide access, if needed, to regulators, but that such people are usually hired for their intellect and frequently because they had successful business careers before entering government. . . .
John Snow was appointed chairman of Cerberus Capital Management in October months after departing the Treasury, joining a private equity firm that already counts former US vice president Dan Quayle on its payroll. . . .
Hey, hedgies! I'm available! I have a towering intellect, I used to work for a living, and I once got a B+ in American Government 106! I'd take losing positions for half what you're paying these guys! Think about it! You could still charge exhorbitant management fees to your befuddled investors, but you could pocket half of it!
New York Times, "Goldman Runs Risk, Reaps Rewards":
Lloyd Blankfein’s makeover from frumpy gold salesman to chief executive has a bit of a reality-TV feel to it. Less than a decade ago, he could be seen in shorts at a golf outing, tube socks stretched to his knees, 50 pounds heavier, and toting his BlackBerry in the same plastic bag as his bagel with cream cheese. Today, he dons navy pinstripes and a power tie and, having just returned from a business trip to Turkey, enjoys conversing about the Ottoman Empire.
Hey, Goldman! I've read all Dorothy Dunnett's novels; I can talk about the Ottoman Empire, too! I used to wear pantyhose with open-toed shoes, while playing in a darts league, while carrying a tiny handbag that had nothing in it but some cash, my keys, and a big bottle of aspirin!
All prospective employers: Leave your phone number in the comments!
This has been another illustration of the Nash Equilibrium. (You're welcome. Really.)
Posted by Tanta on 6/11/2007 09:46:00 AM