I’ll be earning lotsa dosh!!
Crime never pays. Unless you are in investment banking where the sky’s the limit. That’s the inevitable conclusion from the reported decision of JP Morgan to hire the unindicted war criminal Tony Blair as a strategic advisor. Gone are the days when you had to bring an impressive track record to the table to land a senior position at a major financial institution.
One wonders what insight JP Morgan thinks it is getting by bringing Toady on board. It’s rumoured that JP Morgan prizes Blair’s unique perspective on international politics and globalisation. I guess the management were too distracted with their gigantic losses on the sub-prime portfolio to notice this:
http://www.guardian.co.uk/china/story/0,,2207514,00.html
Blair’s perspective is about as unique as a black cab in London. The man is derivative from his head to his toe. His guiding principle in international politics is clear: America must never feel isolated. So why hire a Brit if you want an American perspective? I have a feeling that Bush interceded on behalf of his buddy to obtain this sinecure. Tony has a crippling mortgage to pay off and he needs to get cracking on boosting his earnings.
Then again, should we be surprised? Acquiring worthless assets appears to be part of JP Morgan’s core strategy.
