The club for greed is rallying on behalf of President Biden's World Bank nominee Ajay Banga. Former Carlyle Group managing director Afsaneh Beschloss expressed her support for fellow private equity underwriter (PEU) Banga. At the time of her hiring at Carlyle Beschloss was treasurer and chief investment officer of the World Bank. Beschloss left Carlyle to start Rock Creek Group in 2003.
The firm is a leading global investment and advisory firm, active in emerging markets, alternatives, private equity and impact investing.Beschloss bio can be found under a number of global tampering organizations that cater to the PEU crowd.
Banga is Vice Chairman of General Atlantic, a leading global PEU. Prior to that he served as CEO for MasterCard. At MasterCard Banga's helped Egypt go cashless as part of his public private partnership experience.
If confirmed Banga will replace David Malpass, who ran macroeconomic research firm Encima Global prior to his appointment by President Trump. Malpass was Trump's Presidential Campaign manager for the 2016 election.
Carlyle could have used Beschloss' expertise with affiliate ARINC which earned a World Bank ban for "procurement violations" on an Egyptian airport project.
President Biden's cabinet is chock full of PEUs. Having another greed and leverage boy at the World Bank is par for the course and portends misery for the common person the bank is supposed to help.
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.
