TIMOTHY F. GEITHNER TO JOIN WARBURG PINCUS AS PRESIDENT AND MANAGING DIRECTORMust be nice.
New York, November 16, 2013 – Warburg Pincus, a leading global private equity firm focused on growth investing, today announced the appointment of Timothy F. Geithner as President and Managing Director. Mr. Geithner also will be a member of the firm’s Executive Management Group.
In his role, Mr. Geithner will work closely with Warburg Pincus’ Co-Chief Executive Officers, Charles R. Kaye and Joseph P. Landy, on overall firm strategy and management, investing and portfolio management, organizational and funding structure, and investor relations.
Tim Geithner, of course, has no experience as a banker, an investor, a trader, a venture capitalist, a speculator, or businessman of any sort. So naturally he will be boss of those that actually do. No no. He has been, all his life, that special breed of person known as the Ivy League Economist. He's worked at think tanks, in government, and for the Federal Reserve. He comes from a Mayflower family. His education has been mostly the study of Asia.
It is from these credentials that he now, following his mentor Larry Summers, proceeds in heading up the private equity branch of one of the world's most storied banking families. He is certain, like Summers, to become very, very rich doing...something that almost certainly is not work. Instead, he will most likely make a bundle on carried interest, which is how private equity executives avoid paying taxes like the rest of us.
The American elite establishment ladies and gentleman, for your viewing pleasure. From being asleep at the wheel as a banking regulator during the worst financial crash since the Depression, to wealthy millionaire banker.
Failing Up. Its the new American way.