Former U.S. Treasury Secretary Timothy Geithner, one of the architects of the federal government's rescue of the financial system, is joining private-equity firm Warburg Pincus LLC. At Warburg, he will serve as president and managing director.Warburg Pincus test drove Geithner with a $200,000 speaking fee. Treasury Secretary Geithner was kind to private equity underwriters (PEU's) while in office. Now he is one.
The Friday night news release is intended to make sure this story is six feet deep come Monday.
Update 11-16-17: HuffPo did their part to keep it floating. Their piece picked up my meme of Dodd-Frank going easy on PEU's. NYPo noted Treasury Secretary PEUbiquity after public service, "Five of the past nine Treasury secretaries have joined private equity firms since leaving office." No wonder PEU's keep their preferred tax status.
Update 11-19-13: Zerohedge pointed me to Geithner's words when he announced his leave of public service. "Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”
