It’s been a decade since the darkest days of the financial crisis, so The Wall Street Journal is taking us on a fun trip down memory lane, checking in with some of the familiar faces of that era. Jimmy Cayne’s still playing bridge, his deputy’s still I-banking somehow, John Thain’s still keeping busy, Kyle Bass still thinks everything sucks and Eric Holder’s still a goddamned hypocrite. Oh yea, and Tim Geither’s still around, too.
The mini-profiles often feature some fun tidbits about our old friends, and today’s on Tim Geithner is no different. Since leaving 1500 Pennsylvania, he’s written a book no one read, given speeches no one wants to hear and spent some time in a place no one wants to be: court. Oh, yea, and he’s president of private-equity firm Warburg Pincus, because of course. I mean, what else is a former T-Sec to do? John Snow’s the chairman of Cerberus Capital, Bob Rubin padded his already substantial net worth with another $100 million-plus from Citigroup, Nicholas Brady became chairman of Franklin Templeton, Michael Blumenthal went to Lazard Freres, William Simon became a vice chairman of Blyth Eastman Dillon, and so on, ad infinitum. Presumably, when his current vanity project is at its end, Geithner’s most recent successor will do something similar. But will Steve Mnuchin have to do something like this? Would any of the current members of the Cabinet have to do something like this? Certainly not.
When he joined Warburg, New York state records show, he had to borrow the cash that the firm requires its executives to invest in its private-equity funds.