President Biden nominated yet another private equity underwriter (PEU) to a major position. Reuters reported:
U.S. President Joe Biden on Thursday nominated business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change.
Banga retired from MasterCard in December 2021 and joined General Atlantic, a private equity powerhouse, on January 1, 2022.
Also with General Atlantic is Managing Director Lord John Browne. As BP's CEO Lord John Browne cut maintenance budget at its Texas City refinery. That resulted in an explosion that killed fifteen in injured hundreds.
Browne joined General Atlantic before Banga. I'm sure Lord John Browne and the General Atlantic team would be happy to consult with Banga should any World Bank projects blow up or get held for ransom.
Update 3-7-23: Bloomberg reported:
General Atlantic is partnering with Abu Dhabi wealth fund ADQ and International Holding Co., the biggest listed company in the emirate, on a new venture that will invest in alternative assets.
A sovereign wealth fund is under consideration for "saving" Social Security. Greed. fees and leverage are apparently the solution to all the world's ills.
Update 3-12-23: NYPo reported:
As its financial condition declined Silicon Valley Bank reached a deal with investment firm General Atlantic to sell $500 million of common stock, but that deal was dependent on the completion of its initial share sale.
Update 4-4-23: A private panel at this year's World Economic Forum discussed mobilizing private capital for Ukraine.
Participants included US Special Presidential Envoy for Climate John Kerry, Netherlands Prime Minister Mark Rutte, former British prime ministers Boris Johnson and Tony Blair, and Ukrainian President Volodymyr Zelensky attended via teleconference.
Three financiers participated, Larry Fink, chairman and CEO of BlackRock, Bill Ford, chairman and CEO of General Atlantic, and David Rubenstein, co-chairman of the Carlyle Group.
Update 12-14-23: General Atlantic filed for a confidential IPO.
