Tuesday, January 26, 2010

Blue Corporacrat Reshma Saujani Running for House Seat

The anti-incumbent movement could see a New York hedge fund lawyer join Congress. Reshma Saujani threw her name in the hat. Rather than hide from her background, Ms. Saujani revels in her Wall Street experience. NYT reported:

In 2005, she helped start an investment fund for a company partly owned by Hassan Nemazee, a Democratic fund-raiser who was charged with bank fraud last year. Ms. Saujani said she left before the alleged crimes. She went to another fund started by the Carlyle Group, before it was hammered by credit-default swaps. Then she shifted to Fortress Investment Partners, which cratered in the market meltdown.

The Carlyle Group hedge fund was BlueWave Partners, a roughly $1 billion fund launched in May 2007. The fund failed to achieve critical mass, i.e., it lost millions. By August 2008 BlueWave was down to $600 million. It closed, costing 40 people their job, including Ms. Saujani. Reuters reported:

"This is an orderly liquidation to ensure fair and equitable treatment of all investors," said Chris Ullman, a Carlyle spokesman.

Ullman once served in the Clinton White House. He didn't say how over $300 million in losses would be divided between investors and "minority partner" Carlyle.

Reshma moved on to Fortress, which failed in the market meltdown. That began in September 2008, a month after BlueWave's shuttering. How long did Reshma stay at each employer? It looks like a year or less.

Why would Americans want someone from three imploded firms in Congress? I know President Obama and Congressional Corporacrats love private equity underwriters (PEU's) like Carlyle. Let's not add any more to the mix, especially under the guise of removing tainted politicians. Black pot meet black pan.