Wield the might of government to save Wall Street from the market, and you’re pretty well positioned to become a top-shelf financial consultant in the distressed investment world.
Or at least the story of Tim Geithner deputy Jim Millstein suggests as much. Bloomberg has the story:
Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer who helped oversee the bailouts of American International Group Inc. and Citigroup Inc., is forming a turnaround advisory firm.
Millstein, who left the government in February after joining in 2009, plans to focus on restructuring and raising a distressed-debt fund. The former Lazard Ltd. banker, who was an aide to Treasury Secretary Timothy F. Geithner, will base Millstein & Co. in Washington.
Millstein, who left the government in February after joining in 2009, plans to focus on restructuring and raising a distressed-debt fund. The former Lazard Ltd. banker, who was an aide to Treasury Secretary Timothy F. Geithner, will base Millstein & Co. in Washington.
And here’s an interesting detail:
Harry Wilson, a former member of the Obama administration’s automotive taskforce that restructured General Motors Corp. and Chrysler LLC, also started a turnaround advisory this year. The firm, based in Scarsdale, New York, is called MAEVA Advisors LLC. Wilson is on the board of auto supplier Visteon Corp.
It’s almost like greater government involvement in the economy spawns more revolving-door action.
