In announcing his Public Private Investment Programme (PPIP) last month Geithner joined a rarefied club: he is actually looking to hire people in the financial services sector.
The job spec is pretty clear. Tim is looking for five asset managers to run his public-private investment funds. Successful candidates must have demonstrated the capacity to raise at least $500 million of private capital; demonstrated experience investing in eligible assets (the polite term for toxic mortgage securities), including through performance track records; have a minimum of $10 billion (market value) of eligible assets under management; have demonstrated operational capacity to manage legacy securities (PPIFs) in a manner consistent with the US Treasury’s stated investment objective while also protecting taxpayers and be headquartered in the US.
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