Politics
Out of context: Reply #4913
- Started
- Last post
- 33,773 Responses
- ********0
Obama's one-trick wizards
http://www.atimes.com/atimes/Glo…
Investment banks were levered long the leverage, so to speak. The more leverage the world demanded, the more Wall Street could charge for ever-more-arcane methods of packaging leverage, and the higher the returns to leverage providers.That explains how a Washington political operative like Rahm Emanuel, now Obama's chief of staff, who studied ballet rather than balance sheets, could earn a reported $16.2 million in two-and-a-half years at Wasserstein Perella, the mergers and acquisitions boutique. At the height of the bubble, Bruce Wasserstein's firm sold out to Germany's Dresdner Bank for the fairy-tale sum of $1.6 billion. Even the crumbs from Wasserstein's loaf could make a Chicago politician rich.