David Mulford, chairman of CSFB International and long-term friend of the banks, is set to follow such luminaries as JK Galbraith by becoming US ambassador to India. If his past is anything to go by, expect India to do a billion-dollar debt swap within months.
When under-secretary of the treasury for Bush senior, Mulford helped mastermind the Brady bond initiative that guaranteed billions of dollars in emerging-market loans by western investment banks. The banks faced bankruptcy, until the US taxpayer bailed them out through a series of debt swaps coordinated by Mulford.
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