Thursday, February 11, 2010

T. Rowe Price Gets an Insider Slot

Does T. Rowe Price want to become the Goldman Sachs of mutual funds, that includes incestuous relationships with the government?

Secretary Geithner hosted a private dinner at Treasury back in August. James Kennedy, President and CEO, T. Rowe Price was one of the 6 invited guests.

Former T. Rowe Price exec, Mary John Miller, was confirmed today by the Senate to serve as the Department of the Treasury's Assistant Secretary for Financial Markets. I commented about her when President Obama first nominated her for the position. But, it deserves a second mention given the powerful position she will occupy.

As Assistant Secretary for Financial Markets, Miller will advise Geithner on broad matters of domestic finance, financial markets, federal, state and local finance, federal government credit policies, lending and privatization. Miller will also serve as the senior member of the Treasury Financing Group and will coordinate the inter-agency President's Working Group on Financial Markets.

Got that last part? She's going to be coordinating the Plunge Protection Team.

Miller spent 26 years working for T. Rowe Price Group, Inc., most recently as the director of the Fixed Income Division. She was a member of the firm’s Management Committee and also held key investment management responsibilities on the firm's Asset Allocation Committee and as an officer of a number of fixed income mutual funds.

If your money market fund is with T. Rowe Price, you can sleep well tonight. Consider it protected by the DC/BizInsider revolving door.

1 comment:

  1. Wenzel,

    The feds need a brokerage firm under their wing to help manage their pending 401k takeover...