Post by unlawflcombatnt on Jun 12, 2007 14:33:50 GMT -6
Below are excerpts from another "heartwarming" story about former U.S. officials using their former government connections to affect legislation and policy for fun and profits. (OK, maybe just for "profits."). The title of the article is Show me the money: Ex US officials swell hedge funds' ranks The article comes from Yahoo News and was written by Justin Cole.
"What do three former US Treasury secretaries, one time secretary of state Madeleine Albright, a former US ambassador to the United Nations and ex Spanish prime minister Jose Maria Aznar have in common?
They have all been recruited by powerful hedge funds or private equity firms since departing government, while Albright has opened her own hedge fund: Albright Capital Management.
The secrecy surrounding such investment firms and media headlines about the vast riches generated by SAC Capital Advisors, the Blackstone Group and the Carlyle Group among others have only added to their mystique.
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....
former government officials can provide access, if needed, to regulators....
The last three Treasury secretaries, including two who served President George W. Bush and one who held office in the Bill Clinton administration, have all been hired by hedge funds or investment groups.
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. The firm announced plans to buy the Chrysler Group from German's DaimlerChrysler.
The DE Shaw & Co. investment group hired Clinton-era Treasury chief Lawrence Summers late last year, while Snow's predecessor, Paul O'Neill, now advises the Blackstone Group private equity firm.
Blackstone said Monday that it had appointed former Canadian prime minister Brian Mulroney as a director as it readies for a partial initial public offering.
Hedge funds and private equity groups are essentially private capital pools controlled by or run for wealthy investors. Fueled by low interest rates, the industry has exploded in recent years as such firms have mounted hostile takeovers or buyouts in the tens of billions of dollars.
Unlike public corporations, hedge funds and private equity firms are lightly regulated in the United States and as such operate largely out of the public eye.
Hedge funds typically invest in securities while private equity companies usually chase profits by snapping up under-performing companies...."
Isn't this a great country. A country where any former government employee can use their previous position to game the system, and still have input on legislation, despite their present non-government status.
The full article can be found at
Show me the money: Ex US officials swell hedge funds' ranks
"What do three former US Treasury secretaries, one time secretary of state Madeleine Albright, a former US ambassador to the United Nations and ex Spanish prime minister Jose Maria Aznar have in common?
They have all been recruited by powerful hedge funds or private equity firms since departing government, while Albright has opened her own hedge fund: Albright Capital Management.
The secrecy surrounding such investment firms and media headlines about the vast riches generated by SAC Capital Advisors, the Blackstone Group and the Carlyle Group among others have only added to their mystique.
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....
former government officials can provide access, if needed, to regulators....
The last three Treasury secretaries, including two who served President George W. Bush and one who held office in the Bill Clinton administration, have all been hired by hedge funds or investment groups.
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. The firm announced plans to buy the Chrysler Group from German's DaimlerChrysler.
The DE Shaw & Co. investment group hired Clinton-era Treasury chief Lawrence Summers late last year, while Snow's predecessor, Paul O'Neill, now advises the Blackstone Group private equity firm.
Blackstone said Monday that it had appointed former Canadian prime minister Brian Mulroney as a director as it readies for a partial initial public offering.
Hedge funds and private equity groups are essentially private capital pools controlled by or run for wealthy investors. Fueled by low interest rates, the industry has exploded in recent years as such firms have mounted hostile takeovers or buyouts in the tens of billions of dollars.
Unlike public corporations, hedge funds and private equity firms are lightly regulated in the United States and as such operate largely out of the public eye.
Hedge funds typically invest in securities while private equity companies usually chase profits by snapping up under-performing companies...."
Isn't this a great country. A country where any former government employee can use their previous position to game the system, and still have input on legislation, despite their present non-government status.
The full article can be found at
Show me the money: Ex US officials swell hedge funds' ranks