On the subject of how he and his wife invest their money, Morgan Stanley CEO Jamie Gorman said, “We’re pretty boring.” He described their portfolio as “modest and unspectacular.” He did allow that they have municipal bonds and invest in a “small biotech fund,” which prompted Rubenstein to ask why they didn’t include private equity.
“You can never have enough private equity,” joked the Carlyle Group LP co-founder (David Rubenstein).
This interview came the day after Carlyle's Rubenstein interviewed White House OMB Director Jack Lew at a different Economic Club of Washington event.
Jack's interview came over breakfast, while Jamie's occurred over lunch. Members and sponsors have a large appetite for federal money.
They love preferred tax rates and public subsidies. These are the modern day influence peddlers, money changers and robber barons. The top 0.1% can "never have enough private equity" in our PEU world.