Friday, 26 August 2016
Last updated 2 hours ago
Oct 20 2006 | 12:00am ET
Two former heads of the U.S. Treasury Department, which is currently studying possible hedge fund regulations, have joined New York-based hedge funds.
John Snow, who served as President George W. Bush’s Treasury secretary until February, will join $16.5 billion fund Cerberus Capital Management as chairman, and his predecessor, former Harvard University president and Treasury chief under President Bill Clinton Lawrence Summers, has agreed to serve as a part-time managing director of $25 billion D.E. Shaw & Co.
“It’s an honor to have a person of Secretary Snow’s stature join the Cerberus team,” the firm’s CEO, Stephen Feinberg, said. “We will benefit enormously from his vast experience in business operations as well as his keen insights to economic trends and forces.”
For its part, D.E. Shaw said the Summer, who remains on the Harvard faculty, will work on “strategic initiatives” and “high-level portfolio management activities.”
Neither firm disclosed how much the ex-Treasury chief will make in their new jobs.
The hires now put the last three former Treasury secretaries in high-level posts with alternative investment firms. Paul O’Neill, who served in the post in between Summers and Snow, is an advisor to private equity firm The Blackstone Group.