Ex-Treasury Chiefs Land At Hedge Funds

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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.