Northern Rock Does Its Part To Recycle

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So you were at the helm of an institution ruined to the point of nationalization and you're widely credited with helping produce the first run on a British bank since the mid 1800s. What comes next for you? Witness relocation program? Trials and possible jail time perhaps? If you're former CEO of Northern Rock, Adam Applegarth, the answer is a new career in private equity. Proving that what goes around comes around isn't necessarily a bad thing, the guy whose firm morphed into one big distressed asset will be taking on an advisory role at Apollo Management to help decide which diamonds in the rough its new European Principal Fund should invest in. With Bob Nardelli going back to Cerberus to recount the good times at Chrysler and now this, the new normal is looking pretty good for those that led to its creation.
Disgraced Northern Rock boss lands US private equity job [Guardian.co.uk]

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