The Economic Club of Washington reunited The Carlyle Group's David Rubenstein and GM's Daniel Akerson, formerly a Carlyle managing director. DetroitFreePress reported:
David Rubenstein, who worked with Akerson when both were managing directors at the private investment fund Carlyle Group, introduced him Friday and said repeatedly that Akerson walked away from a lot of money to take the GM job.
Akerson said he did it because he believed GM was too big and too important to the American economy to fail. “There’s more to life than money,” he said.
Only in the world of private equity underwriters (PEU's) is a $9 million pay package considered "intrinsic motivation." Akerson walked away from Carlyle in the midst of a year long flipping spree.
As for Rubenstein's "a lot of money," he hates paying taxes on it. His next "great cash in" is rumored to be a Carlyle Group IPO.
Update 1-12-11: It's time to change the world, PEU style!