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January 23, 2007

The New Hedge Fund Honchos - Summer and Snow Partners

posted by MR WAVETHEORY at 1/23/2007 06:45:00 AM
If money is power, then the boys and girls on Capitol Hill all ought to be running hedge funds, because the money flows like there's no tomorrow. It's now looking like hedge funds are the preferred retired professions for the old dogs of the Hill. Larry Summers and John Snow have joined hedge funds and Madeleine Albright has gotten a cool 300 million euros from a Dutch pension fund. Albright's funds called ... you got it ... Albright Capital Management. John Snow is at Cerberus Capital Management and Larry Summers is at DE Shaw.

Why did these people get the money? Connections.

``We see a lot of potential in emerging markets for economic growth,'' Jelle Beenen, a portfolio manager at PGGM, said in an interview. ``The reason that investing there is always a problem is there are issues like fraud and political instability, so that's why there's value in political-risk management and the involvement of Secretary Albright is a valuable one.''

The truth is that connections are more myth than reality. Sh*t happens, even to bright people.

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