Sunday, February 28, 2016

Is a Major Wall Street Bank Beefing Up For More Government Debt Crises?

Peter Orszag has left Citigroup to join Lazard,

This is an interesting move and I note it here because he was a former budget director in Obama’s White House and has been a Robert Rubin operative. He is a total establishment technocrat.

No doubt, it was Rubin who got him the job at Citi, where he was chairman of the financial strategy and vice-chair of investment banking. So why the move?

As FT notes,  Lazard has become the go-to bank for countries on the brink of financial collapse.

Matthieu Pigasse, who heads Lazard’s sovereign advisory unit, worked closely with the Greek government to advise it on its debt burden reduction and advised Ukraine’s leadership after Russia annexed Crimea.

Could Lazard be beefing up for more crises with the addition of Orszag?

“Peter is one of the most respected economic advisers on the world stage,” said Ken Jacobs, Lazard chief executive. “His expertise in finance, capital markets and public policy across industry sectors will be invaluable.”

“Lazard occupies a unique position in global investment banking as a trusted advisor to leaders of business and government worldwide,” said  Orszag. “I’m looking forward to working with the highest concentration of senior-level advisory bankers in the industry.”

Orszag obtained a Ph.D. in economics from the London School of Economics.


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