The Private Equity Council added members and letters to their greed oriented trade group. They are now the Private Equity Growth Capital Council (PEGCC). It rolls off the tongue in vomit like fashion.
I offer the following mnemonic (memory aid). Picture your head over a trash can (or toilet). From deep in your gut, you're feeling queasy. Here it comes:
Peuuu, gh, ch, ch = PEGCCJoining the council are:
Welsh, Carson, Anderson & Stowe- Tom Scully
Crestview Partners- Bob Rubin
MidOcean Partners- George Pataki
GTCR- connected to Rahm Emanuel
Membership is up to 30 private equity underwriters (PEU's). The group that has been slashing jobs and benefits wants to become even less of a household name. It's called reverse branding, at least for the general public.
Political officials know PEGCC well. Their best friends are PEU's and many hope for high paying employment after public service. Watch where Peter Orszag, Evan Bayh and Chris Dodd land.
Update: Peter Orszag landed at Citigroup, with a $2 to $3 million pay package. Evan Bayh is now Senior Advisor for Public Policy for Apollo Global Management, which briefly had Tom Daschle. Only Chris Dodd remains free to catch. He'll be tough to land, given Dodd's slippery-ness.
Update 3-30-11: Chris Dodd is the CEO and Chairman of the Motion Picture Association of America, Inc. (MPAA), which has a number of PEU connections. The question is how Dodd will get Congress to subsidize movie making or enforce their franchise. .