Charles Schwab Doesn't Bother Himself With Dinky Little $1.5 Billion Powerballs

Apparently anything < $2 billion is for amateurs (like George Roberts of little-known private equity outfit Kohlberg Kravis Roberts).

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Jan 13, 2016

Call Chuck when there's real money to be made.

Among Powerball ticket holders for today’s more-than-a-billion pot, count George Roberts, the ‘R’ of KKR & Co. “I always buy a ticket," Roberts said Tuesday night at the Museum of American Finance annual gala. To be precise, he puts up the money and a buddy named Sam, who has worked for him for 26 years, buys the tickets...[Charles] Schwab said he’d buy a ticket only if the pot was really big -- $2 billion or more.

KKR's Roberts, SkyBridge's Scaramucci Betting Small on Powerball [Bloomberg]

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KKR investors—in both senses of the word—did well last year. Two in particular did very, very well.

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KKR is wondering what everyone was else was doing while they made all of this money.

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Earlier today, KKR announced that former Morgan Stanley Chairman and CEO John Mack will be joining the private equity firm as a senior adviser, "supporting new investing activities and providing counsel to KKR portfolio companies." Including the new gig, Mack is now working three jobs, the others being "part-time adviser" to Morgan Stanley and author (as previously noted, he's working on a book). And while it's nice to see him keeping busy, you know what these little diversions don't leave a lot of time for? Going after his dream. As you may recall, back in December Mack told a room full of Morgan Stanley employees that if he hadn't become a banker, he would have been a women's shoe salesman and that in the years since he chose one path over another, the former has never come close to replacing the latter when it comes to things that light a fire inside him. Even when he was CEO of Credit Suisse and Morgan Stanley, Mack found time to stop by Bergdorf Goodman and "watch the fierce New York ladies trying on Manolo Blahniks," often advising them on what to purchase, based on which pairs spoke to him and which did not ("Those-- those are the ones. Get them," he would say with undeniably certainty). Which was why, Mack said with a glimmer in his eye, his retirement would include being a "part-time salesman at Berdorf's." And, yet, here we are, more than three months later, and no such job has been procured. What's more, a spokeswoman for the department store has said that despite possessing an undeniable love and appreciation for shoes and being a born salesman, in order to work the floor, Mack would have to go through the same training program, just like everyone else, and he hasn't even filled out the application to do so. Why the hold up? It seems pretty obvious that when it comes to the thing that makes him feel alive someone is scared. Not scared to fail-- hell, he knows he can move that product. But scared the reality won't live up to the dream. Scared that years from now, selling shoes will just be a slog like everything else. So he takes these bull shit little advisory jobs so he can say he "just doesn't have the time" when the topic comes up, knowing full well that he goes to sleep at night and wakes up in the morning thinking about women's shoes and that nothing, and we mean nothing, will ever compare to feeling he'll get running back and forth to the stock room juggling six different styles in 3 different sizes, working his ass off to make that sale. The sooner he realizes that, the better. He obviously told the MS people about his little-known passion/plan for reason: to make himself accountable. If you see Mack today or next week or the week after, [tell him to go for it.] John Mack To Join KKR As Senior Adviser [Deal Journal]

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Misery loves company, but is Schwab really all that miserable?

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