We agree that the wealthiest Italian American has experience working with toxic assets, as he advised on the Bank of America takeover of MBNA and is likely quite familiar with the acquiring company, which as we all know, is currently in a world of toxic pain.
But back to the disclosure issue - as Perella Weinberg will be paid to essentially shut down banks and other institutions, and thereby lead to even more job losses, it only makes sense to fully disclose the firm's compensation structure to make sure that its interests are not 180 degrees misaligned with those of the people who are potentially about to be sacked by Mr. Perella. Furthermore, Mr. Perella is the proud owner of Xerion Capital, a distressed billion dollar hedge fund, which he acquired a little over a year ago. While we have no doubt there are some substantial Chinese walls in place at the company's HQ at 767 Fifth Avenue, it might make sense to disclose what all the holdings of this hedge fund are, to avoid "conflicts of interest."
Jason Cave has denied to disclose Perella's compensation structure. We suggest the FDIC follow in Tim Geithner's steps from last night, and start providing long overdue transparency to the process of "bailing out" the U.S.Sphere: Related Content Print this post