Who’s Powerful in New York? Not buyout pros! At least according to New York Mag’s “power dozen” list, which includes private equity reformer Andrew Cuomo, and Mike Fishman, a chapter president of another private equity enemy, the SEIU. (NY Mag)
What, No Thanks? The Wall Street giants that received a financial lifeline from Washington may have no compunction about paying big bonuses to their dealmakers and traders. (Dealbook)
Lehman’s Collapse Unveiled: Recently unsealed court documents show some interesting email exchanges in the hours before the Lehman/Barclays deal. The Wall Street Journal’s Bankruptcy Beat has the best line from an email from Alex Kirk, Lehman’s key negotiator:
“Rich Ricci [of Barclays] just told me he won’t blow up this trade by being a pig.”
PIMCO Entering Equities: What can’t they do? (P&I)
Mea Culpa: I’ll admit when I was wrong. Last summer I wrote that I was skeptical of Apax Partners’ brand revival of Tommy Hilfiger brand, as I was of the mindset that brands simply don’t travel upstream. That’s apparently not been the case, as Tommy’s “accessible, affordable luxury” has benefitted from the recession. Its sales rose 21% in the last year, the New York Times writes. No word on those 2009 IPO plans.
PE Trivia: Did you know that Roark Capital Group, a buyout firm which focuses on branded consumer-facing businesses, is named after Howard Roark, the protagonist in Ayn Rand’s The Fountainhead? Blogging Buyouts writes that Rand would be proud to see how Roark Capital Partners has used the name.
For Fun: Can’t bring up Ayn Rand without including one of the many Simpsons references to the Objectivist philosopher…