Nice Work If You Can Get It

My favorite datapoint from Daniel Roth’s cover

story on Stephen Feinberg’s Cerberus Capital:

Squeezing money out of firms that weren’t in distress required different

skills. Feinberg went out and bought them. He hired 150 C.E.O.’s and

other top executives to form an active brain trust—paying them, according

to a competitor, around $500,000 a year—to field calls from Cerberus

employees, find and weigh in on deals, and open up their Rolodexes.

Half a mil a year to answer phone calls. Ya gotta love the private-equity bubble.

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