Sunday, July 10, 2011

Obama's JP Morgan Crew

President Obama's Chief of Staff William Daley and Deputy Chief Nancy-Ann DeParle share a JP Morgan work history.

White House Staff
Daley jumped from JP Morgan to the White House, while Nancy-Ann took a more circuitous route.  Nancy-Ann worked for JP Morgan's private equity division, JP Morgan Partners.  When Jamie Dimon's BankOne merged with JP Morgan, it had OneEquity, also a private equity underwriter (PEU).  Dimon waited two years to ascend to the top at JP Morgan.  When he did, Nancy-Ann's JP Morgan Partners was shown the door.  It became CCMP Capital Partners.  DeParle worked as Managing Director of CCMP until her White House health czar appointment. 

Both got the nod in January of this year.  Early January found Daley replacing Rahm Emanuel, while Obama promoted Nancy-Ann from her health czar slot.  The Guardian suggested the move lent "the White House a more business-friendly face." William Daley and Nancy-Ann DeParle are very business friendly.

Both trace their personal riches to corporations.  William Daley filed to sell over $8.2 million in JP Morgan stock earlier this year.  It's not clear what he did with his Boeing shares or other holdings.  Nancy-Ann DeParle made millions from serving on for-profit health care boards, the sale of Triad Hospitals to CHS and from her work at CCMP, which holds a number of health care companies.  CCMP will flip CareMore, where DeParle served on the board, in an $800 million sale to WellPoint.

Nancy-Ann's health reform goes a step further, it's PEU friendly. Why hasn't the White House fulfilled my request for Ms. DeParle's financial disclosure forms?  The 2009 version is available online, but nothing afterwards.

Update 7-19-11:  JPMorgan received nearly $7 million in health reform's ERRP cash.   With earnings of $5.4 billion in the second quarter, does JPMorgan need Uncle Sam's ERRP cash?