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White House Former Chief Of Staff Joins Hedge Fund Launched By Former JPM Prop Traders

Tyler Durden's picture




 

"The amount of experience he has is ridiculous," says former JPM prop trader Galuti, adding "- in a positive way," as he explains why former Clinton Commerce secretary (and Obama chief of staff) Bill Daley has joined the small Swiss-based hedge fund. The revolving door of favors continues as Daley, who The FT reports will be based in Chicago and oversee US expansion (as well as provide macroeconomic and political advice), joins an ever-growing number of former Obama administration officials to have taken jobs in the financial sector.

As The FT reports, Bill Daley, the former White House chief of staff, is to join the hedge fund Argentière Capital, which was founded last year by leaders of JPMorgan’s disbanded proprietary trading division.

Mr Daley, who was also Commerce Secretary under President Bill Clinton, joins a number of former Obama administration officials to have taken jobs in the financial sector.

 

...

 

He will be based in Chicago and help spearhead the fund’s US expansion, as well as provide macroeconomic and political advice.

 

...

 

Argentière – based in Zug, Switzerland, the low-tax canton that is also home to global commodities trader Glencore – was founded by Deepak Gulati, former global head of equity proprietary trading at JPMorgan, and 15 other members of the bank’s prop trading desk.

This is not Daley's first time in banking...

From 2004 until his appointment to the White House in January 2011, Mr Daley was Midwest chairman of JPMorgan, and his introduction to Argentière was brokered by another alumnus of the bank, Jes Staley, formerly head of the investment banking division.

 

President Barack Obama chose Mr Daley as chief of staff in an attempt to mend fences with Wall Street, but his brief tenure was characterised by fractious relations with Congress and he had his role reduced in November 2011 before eventually resigning two months later.

and follows this last year....

Mr Daley’s return to the financial sector comes after Mr Daley briefly explored running for Governor of Illinois last year.

As he joins a long list of former White House officials who have found homes in the financial services industry...

Tim Geithner, President Obama’s first Treasury secretary, last November joined Warburg Pincus as president and managing director of the private equity firm. Lawrence Summers, former director of the National Economic Council, has taken an advisory role at the venture capital firm Andreessen Horowitz.

Long live crony capitalism.

 

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Thu, 04/24/2014 - 09:00 | 4690060 wee-weed up
wee-weed up's picture

The good-old-boy revolving door.

Thu, 04/24/2014 - 09:02 | 4690065 Tengri Temujin
Tengri Temujin's picture

The founding fathers would shoot these mofos on the spot and run them through with a bayonet for good measure.

Thu, 04/24/2014 - 09:06 | 4690084 dryam
dryam's picture

Correction...

"The amount of insider information he has is ridiculous"

Thu, 04/24/2014 - 09:07 | 4690089 negative rates
negative rates's picture

Snap, crackle, prop!

Thu, 04/24/2014 - 09:11 | 4690109 TruthInSunshine
TruthInSunshine's picture

#Hope&Change

It's objectively true that the biggest structural change in economic strata has happened over the last 5 years (and is continuing), in terms of income distribution and in terms of newly erected hurdles to social and economic mobility in the United States, since the 1930s.

The financialization of the U.S. Economy nears completion, with the parasitic bleeders (banks/financial entities/all things Wall Street/government workforce/other entities and people who do nothing, yet reap the direct rewards and subsidies of insane monetary policy) feeding off of and destroying the real creators of tangible wealth at a rapid clip.

Unfortunately, there can be no change in the trajectory until these parasites lose their ownership over the very politicians, courts, regulatory agencies, media outlets and other institutions that have traditionally served as checks against unfettered growth and dominance of and by Oligarchs, who are not true capitalists, but exist and grow stronger by buying the power to starve what/who would be their rising competitors if more free markets existed.

At least when Carnegie & Rockerfeller were Oligarchs, their companies still made or extracted things of tangible, real value, despite all the undeniable social and economic ills that existed at that time; at least the U.S. was still on a trajectory of economic ascent, and there would soon be a vibrant, growing, robust middle class to build and buy products produced in the firm sense of the word, and employment wouldn't be structurally declining (just the opposite).

Now, do nothing banks and financial entities run the entire show, and own the entire power structure, from top to bottom. It's a sad, sad era in American History, and it's likely to get far worse unless something radical happens to alter this course.

#Hope&Change

Billary/ShrubJeb 2016

Thu, 04/24/2014 - 09:12 | 4690125 power steering
power steering's picture

My 10 year old could do that job.

Thu, 04/24/2014 - 09:32 | 4690243 lordylord
lordylord's picture

Where are the libtards who voted for this POS imposter president and all the other Dems?  Do you have nothing to say?  Are you tied of being hypocritical ignorant trendy little thieving bastards yet?  How can you support big government?

Thu, 04/24/2014 - 09:39 | 4690267 wee-weed up
wee-weed up's picture

[Sound of crickets...]

Thu, 04/24/2014 - 10:12 | 4690441 Oh regional Indian
Oh regional Indian's picture

Now Mr. Gulati will truly discover what it means to lie down with lions and get up minus your crown jewels...or hyenas in this case...

ori

Thu, 04/24/2014 - 10:17 | 4690457 Crash Overide
Crash Overide's picture

Obama Hires Top Criminal Defense Attorney

Don't know what to make of this...

http://theulstermanreport.com/2014/04/23/must-read-obama-hires-top-crimi...

Thu, 04/24/2014 - 10:07 | 4690420 astoriajoe
astoriajoe's picture

I hope you were as vocal 8 years ago.

Thu, 04/24/2014 - 10:15 | 4690448 lordylord
lordylord's picture

"I hope you were as vocal 8 years ago."

I have always been critical of big government, though 8 years ago I would have been much more critical of the rebublicans than the democrats.  It took about 2 years of Obummer to know that both parties are the same with only superficial differences.  I was young and dumb back then.  

Thu, 04/24/2014 - 10:22 | 4690480 DaveyJones
DaveyJones's picture

look at our leader's face. It's like he's taking a crap

and in a way, he is 

Thu, 04/24/2014 - 10:37 | 4690540 old naughty
old naughty's picture

"Covered" hedge Fund !

Thu, 04/24/2014 - 09:57 | 4690356 RaceToTheBottom
RaceToTheBottom's picture

After the Financialization is complete, what is the next stage?

I mean we all hear about bounces off the bottom being good, but what if we "splat" instead of bounce?

Thu, 04/24/2014 - 10:09 | 4690431 astoriajoe
astoriajoe's picture

I think that's when they start building the cocoons for us to live in. Google is building the human/borg interface now. Enjoy a GMO-fed steak while you can now, before its all 1's and 0's.

Thu, 04/24/2014 - 10:32 | 4690507 detached.amusement
detached.amusement's picture

You know, I know this steak doesn't exist. I know that when I put it in my mouth, the Matrix is telling my brain that it is juicy and delicious. After nine years, you know what I realize?

[Takes a bite of steak]

Ignorance is bliss.

 

 

-said the people

Thu, 04/24/2014 - 10:48 | 4690587 TruthInSunshine
TruthInSunshine's picture

"What happens after financialization is completed?"

You're kept as well or worse off as TPTB wish you to be, based on their then current objectives, since your last true remnants of liberty were seized by the statists, and your ability to now stake an existence independent of the nanny state is immeasurably much more difficult (since the pursuit of life, liberty & property is only allowed by and to the degree that the "benevolent" elite deem useful at any given time).

Look to things such as City of New London vs Kelo, the ACA, SNAP or other recent iterations on the trend of creeping statism eviscerating the Constitution.

Thu, 04/24/2014 - 11:09 | 4690677 dizzyfingers
dizzyfingers's picture

TruthInSunshine

 And the country never will recover because the kids who'll follow us never will know anything different existed.  

Sat, 04/26/2014 - 11:17 | 4698811 Comte d'herblay
Comte d'herblay's picture

It'called one of the characteristics that distinguish us from our far more intelligent, humane, advanced and less violent ancestors, the Apes:  Adaptation.

Thu, 04/24/2014 - 10:07 | 4690421 Comte d'herblay
Comte d'herblay's picture

Not too long into the future, the US of A will come to resemble the Scandinavian countries with most of our daily needs provided for.  There is no possibility of a blood being spilled by an angry populace of 330,000,000 human beans.  They can barely get organized enough to figure which take out menu to order from each evening as they sit down to watch the, "Whoreswives of Atlanta", what passes for "news", and Mike and Mollie (who collectively weigh in at 450 pounds).

There is no chance that a radical change will happen.

And 'far worse' will be in the eyes of those who realize they have no value in the world of work that will be done.  Political leftists of the right and left, will win the hearts of all the hunnerts of millions of drones, as easily replaced as a light bulb. 

Thu, 04/24/2014 - 09:56 | 4690358 youngman
youngman's picture

Just think of how much money you could make if you hired a guy who knew how they fudged the numbers,,,,and what products they manupulated and how they did it...and why they did it...you could do very well...

Thu, 04/24/2014 - 10:22 | 4690477 power steering
power steering's picture

Too boad that guy ain't Daley. Daley's been riding his dad's coattails since his was born and that's all he's ever done. Period.

Thu, 04/24/2014 - 11:09 | 4690678 Amish Hacker
Amish Hacker's picture

He doesn't need to know all that. He just needs to bring his rolodex.

Thu, 04/24/2014 - 10:25 | 4690490 DaveyJones
DaveyJones's picture

that's what "experience" means now 

Thu, 04/24/2014 - 09:09 | 4690097 BandGap
BandGap's picture

You ave that backwards - bayonet to the stomach first. Then count to 100 and shoot. Read the "A Revolutionary's Guide to Bankster Executions". The illustrations point this out pretty clearly.

Thu, 04/24/2014 - 12:35 | 4691057 drendebe10
drendebe10's picture

Crooks joining the crooks.....   "I am not a crook".....

Thu, 04/24/2014 - 09:01 | 4690062 lemarche
lemarche's picture

YAY TO CRONY CAPITALISM !!

CRONY CAPITALISM +1 - CAPITALISM 0

Thu, 04/24/2014 - 09:12 | 4690118 nuclearsquid
nuclearsquid's picture

can someone who works at a hedge fund tell me what on earth this guy could possible do other than warm a seat and look good on the prospectus?

Thu, 04/24/2014 - 09:20 | 4690183 NoDebt
NoDebt's picture

I don't work at a hedge fund, but I can think of at least 5 good reasons off the top of my head why you'd want a guy like that around.  And it has little to do with his analytical or management skills, much more to do with who he's got on speed dial in his cell phone.

Thu, 04/24/2014 - 11:59 | 4690906 Buckaroo Banzai
Buckaroo Banzai's picture

Plus, he knows where all the bodies are buried in Shitcago AND inside the beltway.

That's called leverage.

Thu, 04/24/2014 - 09:24 | 4690190 wee-weed up
wee-weed up's picture

Yep, he has the President's... uh... ear! You don't think that brown on his nose is dirt do you?

Thu, 04/24/2014 - 12:36 | 4691061 drendebe10
drendebe10's picture

..... the fudge packer in chief probably loved it.....

Thu, 04/24/2014 - 09:03 | 4690063 williambanzai7
williambanzai7's picture

Nothing to see here folks...go and busy yourselves arguing about modern capitalism versus socialism...in the 21st century of course.

Thu, 04/24/2014 - 09:09 | 4690098 negative rates
negative rates's picture

We could talk about the twin kids, and what they should and should not be introduced too in the future, for their own well being of course.

Thu, 04/24/2014 - 09:02 | 4690066 medium giraffe
medium giraffe's picture

Military Industrial Circlejerk. 

Thu, 04/24/2014 - 09:02 | 4690067 Grande Tetons
Grande Tetons's picture

What were we expecting...that he was going to join Habitat for Humanity? 

Thu, 04/24/2014 - 09:02 | 4690068 ZippyBananaPants
ZippyBananaPants's picture

These guys are the smartest in the room.  Hopefully, they all get big bonus and big parachute when they retire!

Thu, 04/24/2014 - 09:02 | 4690071 22winmag
22winmag's picture

I thought oligarchs existed only in Russia.

Thu, 04/24/2014 - 09:05 | 4690078 buzzsaw99
buzzsaw99's picture

he has to go chase his bribe money deposits

Thu, 04/24/2014 - 09:05 | 4690079 Dr. Engali
Dr. Engali's picture

There is your fucking hope and change four you, damn retards. 

Thu, 04/24/2014 - 09:05 | 4690080 Colonel Klink
Colonel Klink's picture

.GOV criminal enterprise continues.

Thu, 04/24/2014 - 09:06 | 4690086 Dr Benway
Dr Benway's picture

He greased the balls. Now time has come to collect for services rendered.

Thu, 04/24/2014 - 09:10 | 4690107 negative rates
negative rates's picture

With his grease, that would be a breakdown.

Thu, 04/24/2014 - 09:11 | 4690114 Grinder74
Grinder74's picture

Hmm, how desperately do I want a new job? Enough to work for a former Clintophile and Obamaphile?

Thu, 04/24/2014 - 09:12 | 4690117 Ban KKiller
Ban KKiller's picture

Death to the elitist fascists....know any?

Thu, 04/24/2014 - 09:20 | 4690179 TideFighter
TideFighter's picture

Based upon what is happening in the Q&A of "What has Hitlery accomplished (zero)?", and thus her 2016 Presidential hopes tanking, I would imagine the biggest she-bitch of all time would also qualify as being "ridiculous" enough to sit atop the face of a hedge fund. Your welcome for the visual.

Thu, 04/24/2014 - 09:20 | 4690180 CharliePrince
CharliePrince's picture

now go get insider info   and  make us all look smart

Thu, 04/24/2014 - 09:22 | 4690193 LawsofPhysics
LawsofPhysics's picture

Come on now guys, this is how kleptocracy/fascism works.

same as it ever was.

Thu, 04/24/2014 - 09:29 | 4690218 Shizzmoney
Shizzmoney's picture

Corporate Communism

Thu, 04/24/2014 - 09:30 | 4690230 overmedicatedun...
overmedicatedundersexed's picture

they come and go at warp speed these days..hard to keep the list current of who should be hung, who should be shot and who should do hard time breaking rock.

Thu, 04/24/2014 - 09:42 | 4690276 Itchy and Scratchy
Itchy and Scratchy's picture

'Change You Can Believe In!'

Thu, 04/24/2014 - 09:48 | 4690315 franciscopendergrass
franciscopendergrass's picture

Is that Joe Biden"s gigantic bald spot in that photo?

Thu, 04/24/2014 - 09:58 | 4690370 pupdog1
pupdog1's picture

As Obama's high crimes and operations far outside the US Constitution pile up, keep in mind that Harry Reid is the guy preventing an impeachment vote.

Thu, 04/24/2014 - 09:58 | 4690374 youngman
youngman's picture

This shows you that those Prop taders have not quit...they just went to a location that is more friendly to the crap that they do...like cheat..

Thu, 04/24/2014 - 10:05 | 4690410 The Proletariat
The Proletariat's picture

Chicago?????  I thought it was named Chiraq now.  And thus, easy suicide(d) target for the Clinto....oops I mean.... he better be careful of nailguns, ropes, enbankments, etc.

Thu, 04/24/2014 - 10:15 | 4690450 El Hosel
El Hosel's picture

"Won't you come home Bill Daily, won't you please come home"   

http://www.youtube.com/watch?v=OthWvIBBDhg

Thu, 04/24/2014 - 10:19 | 4690470 Dadburnitpa
Dadburnitpa's picture

If anyone has ever listened to this man being interviewed, it is clear that he is a complete idiot.  He is not even an arrogant idiot, just a plain old, garden-variety idiot.  He has only gotten anywhere in life due to his last name. Period. 

Thu, 04/24/2014 - 10:35 | 4690526 Falconsixone
Falconsixone's picture

I no longer mind because they don't matter.

Thu, 04/24/2014 - 10:38 | 4690542 MFL8240
MFL8240's picture

More Chicago sewage to rape America by and through the JP Morgan fraud company!

Thu, 04/24/2014 - 11:10 | 4690566 dizzyfingers
dizzyfingers's picture

Wouldn't ya know! Daleys again...

When asked to vote, "Fight organized crime...re-elect no one!"

Thu, 04/24/2014 - 10:50 | 4690595 vyeung
vyeung's picture

fascism prevails throughout the Western world.

Thu, 04/24/2014 - 10:51 | 4690605 Itchy and Scratchy
Itchy and Scratchy's picture

'Dreams of My Father'

Thu, 04/24/2014 - 11:06 | 4690668 dizzyfingers
dizzyfingers's picture

http://kaye.com/fambz/Nepotism.htm Bill Daley's dad on nepotism

Thu, 04/24/2014 - 11:18 | 4690718 Eastwood
Eastwood's picture

Prior to leaving office his brother Richard (former mayor) sold the rights to maintain and collect money from Chicago parking meters to a shell company owned by MS. The former mayor also commissioned an old chum's financial advisory firm to do the financial analysis on the price at which Chicago taxpayers should receive for selling the 75 year rights. Turns out this "reputable", "white shoe" firm recommended something around $1 billion for the rights when the assets should've gone for 2x. Chicago taxpayers were robbed and insiders got paid handsomely as usual. Don't even get me started on the bid-rigging in the muni market here. This is just fucking ridiculous.

Thu, 04/24/2014 - 11:50 | 4690859 TrustWho
TrustWho's picture

Are Russian oligarchs worse? I am beginning to think NOT.

Thu, 04/24/2014 - 14:25 | 4691733 SmittyinLA
SmittyinLA's picture

Don't forget Carol Browner

http://en.m.wikipedia.org/wiki/Carol_Browner

going directly from the head of the EPA (a position she was totally unqualified for) to the board of directors of agribusiness giant Bunge.

To me this indicates Treasury ownership of a controlling interest in Bunge stock and probably most of the fortune 500.

Mrs Browner  has an English and law degree.

 

 

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