“When Tim Geithner left the US Treasury, he told friends that he wanted to write his own account of the financial crisis and bolster his bank account.
“His book is due for publication next year. It is expected to settle a score with Sheila Bair, who led the Federal Deposit Insurance Corporation during the crisis, and has criticised Mr Geithner as ‘the bailouter in chief’.
“After announcing on Saturday that he is joining Warburg Pincus, a low-key but highly respected New York private equity firm, Mr Geithner will swiftly succeed in the second goal.
“The private equity business model, taking 20 per cent of the upside from investments in addition to an array of fees, has made executives at these firms vastly richer than their counterparts at banks.”
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