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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFormer Treasury Secretary Tim Geithner Is Moving Into Private Equity
http://www.businessinsider.com/tim-geithner-private-equity-2013-11***SNIP
Geithner, 52, who was an architect of the 2009 bank bailout during the financial crisis, plans to join Warburg Pincus, LLC as its president and managing director and will be "expected to work on mapping the firm's strategy and management, investor relations and on matters related to the firm's investments," according to The Journal.
The 40-year-old firm has invested more than $45 billion in 675 companies worldwide, according to its website.
The Journal has more:
Mr. Geithner has long considered a career in investing once his days in Washington ended. He has been reluctant to take a job with any banks, which he once regulated, and views private-equity firms and other investment managers as different from the institutions he oversaw as New York Fed chief.
Read more: http://www.businessinsider.com/tim-geithner-private-equity-2013-11#ixzz2koGHAsEp
Orsino
(37,428 posts)Jackpine Radical
(45,274 posts)Octafish
(55,745 posts)Did a world of good for AIG.
warrant46
(2,205 posts)Octafish
(55,745 posts)Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. It presents a damning indictment of the Obama administrations execution of the TARP program generally, and of HAMP in particular.
...
By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obamas bailout plan repaired holes in the banks balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would foam the runway for the distressed banks looking for a safe landing. It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.
CONTINUED w VIDEO and links and more letters...
http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982
Fail is Right.
hobbit709
(41,694 posts)LuvNewcastle
(16,846 posts)This shit happens so much that no one bats an eye. It sickens me to think about it too much.
WinkyDink
(51,311 posts)Quelle surprise !
TBF
(32,062 posts)So glad to see this one go on his way ...
marble falls
(57,093 posts)xchrom
(108,903 posts)Former Treasury Secretary Timothy Geithner will join private-equity firm Warburg Pincus LLC next year after 26 years in public service, the company said.
Geithner will become president at the New York-based buyout firm and start in March, according to a statement today from Warburg Pincus. Chip Kaye and Joe Landy, who have led the firm since 2000, adopted the titles co-chief executive officer earlier this year after being co-presidents.
Geithner, 52, is one of many former public officials to enter the private sector, where they typically receive higher pay and companies seek to draw on their relationships and past experience to find new business. Private-equity firm KKR & Co. (KKR) in May hired ex-CIA Director David Petraeus to run a division for public policy and economic research, and Blackstone Group LP (BX) the following month hired Wesley Clark, the former NATO Supreme Allied Commander in Europe, to advise on its energy investments.
Warburg Pincus, founded in 1966, oversees about $35 billion in assets and owns stakes in more than 125 companies. This year it agreed to sell luxury retailer Neiman Marcus Inc. to an investor group for $6 billion, and it sold eye-care company Bausch & Lomb Holdings Inc. to Valeant Pharmaceuticals International Inc. (VRX) in an $8.7 billion deal.
Hubert Flottz
(37,726 posts)Swiss Bank's Discarded Files Saved by Night Watchman
By EDMUND L. ANDREWS
ZURICH, Switzerland -- Last Thursday began like every other workday for Christoph Meili, a night watchman at the Union Bank of Switzerland.
But as he made his routine checks in the deserted building, Meili was startled at the sight in the bank's shredding room of two large bins on wheels filled to the brim with books and papers.
The contents were unmistakably old and they were a jumble: from oversized ledger books with entries handwritten in fountain pen, to decades-old contracts, to lists of mortgaged buildings in German cities like Berlin and Breslau in the 1930s and 1940s -- the years of Nazi rule in Germany.
"I thought to myself: 'Wait a minute. This is historical material,' " Meili recalled on Thursday in an interview. "There were more than 40 pages about real estate and they were from 1933, 1934, 1937. I saw the dates of payments and credits. I saw street names and numbers, and I saw that some of them were from Berlin." Read more...this gets much better.
http://www.writing.upenn.edu/~afilreis/Holocaust/swiss-shredding.html
xchrom
(108,903 posts)Hubert Flottz
(37,726 posts)Gramm Lobbied to Help Banks and Predatory Lenders at the Expense of Homeowners
Gramm, Named Vice Chairman of UBS Bank, Has Lobbied For UBS Since 2004. In 2002, former Senator Phil Gramm was named vice chairman of UBS Warburg; since 2004 Gramm has served as a lobbyist for UBS, representing the Swiss bank"s interests on Capitol Hill. Since Gramm began lobbying, UBS has spent $3,110,000 on its lobbying expenses. [3]
While Shaping McCain Economic Policy, Phil Gramm Simultaneously Lobbying Congress on Mortgage Crisis for Swiss Bank UBS. Phil Gramm, vice chairman of Swiss-based UBS and McCain campaign general co-chair and advisor "was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show." Gramm, who was reported to have been advising McCain on economic policy back in October 2006, "had input on McCain"s March 26 policy speech about the mortgage crisis" which "recommended further deregulation of the banking industry as his response" to the ensuing mortgage meltdown. [4]
In 2007, Gramm Lobbied Against (Failed) Measure That Would Have Helped Homeowners Avoid Foreclosure. Federal lobbying disclosure forms "filed by the giant Swiss bank UBS, list McCain"s campaign co-chair, former Texas Sen. Phil Gramm, as a lobbyist dealing specifically with legislation regarding the mortgage crisis as recently as Dec. 31, 2007." According to UBS"s 2007 year-end report, Gramm "was lobbying the Senate in the second half of 2007 regarding the Helping Families Save Their Homes in Bankruptcy Act." The legislation which would have allowed "bankruptcy judges rewrite mortgage terms for Americans facing foreclosure so they could repay their loans and keep their homes" was vehemently opposed by the banking industry and eventually failed. [5]
Gramm Also Involved in Pressing Congress to Roll Back State Anti-Predatory Lending Laws. "According to federal lobbying disclosure records, [Phil] Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006. During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages." Read more...
http://my.democrats.org/page/content/wiki/gramm/
Gramm's wife worked for ENRON while the big rip-off was going on.
FarCenter
(19,429 posts)Hubert Flottz
(37,726 posts)Maybe I've read several accounts wrong?
FarCenter
(19,429 posts)http://en.wikipedia.org/wiki/Warburg_Dillon_Read
http://en.wikipedia.org/wiki/Warburg_Pincus
xchrom
(108,903 posts)Laelth
(32,017 posts)-Laelth