I guess they'll let anyone run a private equity firm these days. Case in point: a legacy admit to Dartmouth with only three and a half years experience in the private sector (at a consulting firm no less!) is set to take the reins at Warburg Pincus early next year. What's worse is that nobody has even heard of the kid. Nearest I can tell is he spent a few years at the Treasury Department carrying The Bernank's piss bucket.
Former U.S. Treasury Secretary Timothy Geithner will join private-equity giant Warburg Pincus next year, ending a 25-year run of public service.Geithner was named president of Warburg Pincus and will begin at the firm on March 1. From the post, he will help manage the firm, its investments and investor relations, New York-based Warburg Pincus said.
"As private-equity evolves and as our investing practices and funding models continue to develop, Tim's record of leadership through economic and market complexities will be of critical importance," co-CEO Joe Landy said.
All joking aside, it's good to see Tim land on his feet and get the opportunity to do important work because, you know, I was worried about him. My dad was a retired mailman, so I know how hard it can be to make ends meet after a life of government service. I guess it's just lucky he had some kind of "in" to get a line on a job in the private sector. And in finance! Wow. I bet he's gonna make pretty good money.
And so the circle of life is complete, kids. Well, almost. He could've made a pit stop at a lobbying firm before landing a top spot on Wall Street. That would have been the crony capitalism trifecta. Let's just hope for Warburg's sake that he doesn't try to one-up Corzine.
Nice work if you can find it.
Fuck Tim Geithner.
Only on WSO...
HAHAHAHA
Not surprising. Public service at that level typically leads to a lucrative role like this. That's the endgame anyway for most people.
I can only wonder where Ben ends up
LOL start a fund with DickFuld?
I picture Ben reaching out to the common man with his next position. Perhaps being a greater at Cracker Barrel, something along those lines.
It is a reminder that starting one's career in GS TMT is definitely not the only way to have a good shot at being top dog. Maybe the rank and file at the shop are annoyed, maybe not. I do know this though: if a huge amount of the market's behavior stems from actions the government has been taking (QE, etc etc etc etc) then what better person to see things through the next period as the FED balance sheet continues to be a major factor? How many people have completely misread things the last few years? And I'm talking about bright people who just couldn't clearly see and wrap their minds around the changing landscape. If anyone aside from Bernanke and Yellin know what the shape of things to be are, it's Geithner. If the economy tanks after QE begins to draw down, and if Warburg tanks, then it will reinforce my view that legacy hires/admits are a net negative in the overall scheme of things....until then, I'm willing to hold off on judgement and see how he performs.
Warburg's office secret Santa should get him a T- bond.
I imagine he didn't get to where he is by being a really awkward guy from Dartmouth, must have something about him.
Guaranteed 8-figure comp sounds like a solid exit opp to me.
"Anyone know comp/exit ops for Secretary of Treasury?"
LOL
I'm not quite sure what to say. If it weren't so sad it'd be funny. Or, may it's so sad that it is funny?
didnt read post just love the photo a+
When even investors in illiquid, private markets are willing to pay through the roof for political connections, it really does make me believe that sustained alpha is pretty impossible, with most of the game being little more than the 2 in 2&20 with some deft management of systemic risk.
To simplify. Seems like the game will always really be about AUM. You can disregard my earlier post.
How did this guy get into Warburg? He doesn't even have near the beard game that Bernanke does.
This thread delivers on multiple levels.
I don't have any problem with Tim taking that job, nor do I have a problem with Warburg hiring him... he's going to be excellent for fundraising and earn his paycheck easily.
Geithner is a perfect example of the audacity of the Obama administration. Obama appointed a tax cheat to run the Department of the Treasury. If Obama had any shame he would have withdrawn the nomination immediately. It was just a prologue for the rest of this crony administration.
Most people content themselves with chugging the Koolade. It seems you have a 24/7 IV drip. Maybe unplug for a while, you'll live longer.
Again, you just personally attack me when you have nothing of substance to say. Seems to be your modus operandi.
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