Fed nominee history of benefiting from bailouts
Olivia Oran and Pete Schroeder
(Reuters) ... Trump's pick to lead bank supervision at the Federal Reserve benefited from the government bailing out or rescuing two banks during the 2008 financial crisis ...
Randal Quarles, a former Wall Street lawyer and U.S. Treasury official who now runs an investment firm, was part of a team that invested in troubled or failed banks while he was an executive at private-equity firm Carlyle Group LP (CG.O). Those investments earned hundreds of millions of dollars for Carlyle, profits that would not have been possible without government support.
A spokesman for Quarles did not respond to a request for comment. A spokesman for Carlyle declined to comment ...
https://www.reuters.com/article/us-usa-banks-regulation-quarles-idUSKBN19X2ZT