Friday, January 3, 2014

Joe Lieberman PEU

Fortune reported on the latest ex-public servant to cash in as a private equity underwriter (PEU):

Former U.S. Senator and vice presidential candidate Joe Lieberman  announced that he has joined Victory Park Capital, a $1.3 billion firm that focuses on small-cap public companies and mid-market private companies, often at times of distress. Portfolio companies include Jamba Juice, Kabbage and Silver Airways.

Lieberman will be chairman (and the first member) of VPC's executive board, a new group aimed at advising Chicago-based Victory Park on a variety of operational issues facing its portfolio companies. Expect that his focus will be on government and regulatory matters, although he will not directly lobby on behalf of Victory Park or its companies.

"Many of our portfolio companies have to deal with the government, whether they're involved in aviation or oil and gas or food service, and we also have an SBIC fund" explains Victory Park co-founder Brendan Carroll, who once interned for Lieberman while getting his undergraduate degree at Georgetown.

Other Blue team members, from Bill Clinton to Evan Bayh, jumped on the PEU train post public service.  They spent their careers setting up private equity for huge profits and nonprofit status.    

In a prepared statement, Lieberman said: "While in the U.S. Senate, I fought for policies that would allow small businesses to thrive. I look forward to a long-term partnership with Victory Park Capital that will position the firm for continued growth."
Private equity is hardly small business.  But it's what Jolting Joe Lieberman fought for during his PEU sponsored Senate career.  A look at his top PAC donors in 2006 revealed:

Sempra Energy, joint venture partner with The Carlyle Group/Riverstone, donated nearly $130,000 to Joe's campaign.  Bear Stearns, UBS and Lehman Brothers donated a combined $310,000 to keep Lieberman in office.  Two of the three factored greatly into America's financial meltdown. 
Just as Senator Joe positioned the above firms for growth, he'll work his magic on behalf of Victory Park. The Government-Corporate Monstrosity would have it no other way.  Red and Blue love PEU.  Joe's the latest to cash in from his "public service."