Monday, July 13, 2009

Obama Taps Carlyle Group for EU Ambassador?

Bloomberg reported on President Obama's likely nominee for U.S. Ambassador to the European Union. It's another private equity underwriter (PEU), William Kennard of the politically connected Carlyle Group. Obama's health care czar, Nancy-Ann DeParle worked for CCMP Capital Partners. The story stated:

William E. Kennard, a Carlyle Group executive and former Federal Communications Commission chairman, is President Barack Obama’s pick for U.S. ambassador to the European Union, according to people familiar with the matter.

Kennard plans to resign from the Washington-based private- equity firm once the nomination is announced, probably in several weeks, said the people, who asked not to be identified because the appointment isn’t public. His selection requires Senate confirmation.

The U.S. ambassador to the EU, an economic and political union with 27 member nations, is often the country’s advocate to the European institutions in Brussels on issues involving financial regulation, antitrust and trade, though most lobbying is done by U.S. envoys in state capitals across the continent.

Carlyle has a huge European presence between its funds and joint venture Riverstone Holdings. They might love an insider advocating on their behalf. President Obama loves PEU's. It all has a rather Bush-like feel. More corporafornication?

(In the picture, William Kennard is on the far left)