This must have been galling for Ken Moelis, who was the only high-profile leader of a Wall Street firm to attend the Saudi Future Investment Initiative conference in October.
JPMorgan chief executive Jamie Dimon, BlackRock head Larry Fink and Blackstone chairman Stephen Schwarzman all cancelled, in an apparent attempt to signal disapproval to the Saudis, without actually cutting off their own future earnings from the kingdom.
Moelis, by contrast, showed up and engaged in awkward evasion of media questions.
It is all too easy to condemn Moelis as a hypocrite who publicly espouses vaguely defined “values” while remaining focused entirely on his own bottom line.
So here goes. Moelis runs the investment bank he founded – Moelis & Co – by fostering a cult of his own personality, complete with a website that highlights the ‘Moelis Standard’, a list of seven principles.
Number four is the principle that: “We stay ahead of the changing environment to provide the most relevant advice and innovative solutions.”
Number six is: “We will not compromise our vision and values.”
