WaPo's Ezra Klein was crestfallen by Senator Evan Bayh's post-retirement decisions. Why would Ezra believe Evan's retirement schmaltz, like working for a university, charity or helping grow jobs? Instead, Evan took batting practice in the major leagues. It took little time for Bayh to sharpen his skills.
Evan Bayh smacked three straight out of Coporafornication Park. He advises Apollo Global Management-a private equity underwriter (PEU) ready to go public. McGuire Woods hired Bayh to serve national and international corporate clients and Fox News employed Evan for commentary.
"I'm pleased to offer analysis of public policy and politics to the millions of Americans who get their news from Fox."
Evan Bayh had a clear track record in the Senate, backing private equity and sovereign wealth funds. PEU's crashed the Forbes richest list in 2007. Bayh's lifetime donor list includes The Carlyle Group, once as high as #3. Carlyle had a remarkable run during Evan's public service.
Knowledge is prediction. PEUReport wrote last year:
Political officials know PEGCC well. Their best friends are PEU's and many hope for high paying employment after public service. Watch where Peter Orszag, Evan Bayh and Chris Dodd land..Like Tom Daschle and others before him, Bayh landed at Apollo.
Let's revisit Bayh's retirement contemplation, i.e. where he planned to spend time by::
"creating jobs by helping grow a business, helping guide an institution of higher learning, or helping run a worthy charitable endeavor."
Evan Bayh went "0 for 3" on those. He didn't retire, Evan monetized his brand in the global capital ecosystem. McGuire Woods cited Bayh's role as:
Strategic advisor to many of the firm's most significant clients, particularly those whose business goals are impacted by the actions of Congress, the executive branch, or by governors and legislators across the country.
Bayh is a franchisee for "Oligarchs R Us," but then again that was much of his Senate service. Evan started early with his vote for Gramm-Leach-Bliley. In between he carried water for PEU's, SWF's and for-profit health insurers. He contemplated a Presidential run in 2006, which lasted but weeks. Most recently, health reform sent millions in taxpayer dollars to pharmaceutical companies with wife Susan on the board of directors.
Update 3-21-11: Bayh's Apollo Global Management reached a $125 million settlement with CalPERS regarding future management fee discounts. This came as a result of an investigation into placement agents and pension fund operations.
Apollo has agreed to reduce its management and other fees on funds it manages solely for CalPERS by $125 million over the course of the next five years, or as close a period as required to provide CalPERS with that benefit, and may include both existing and new investments that Apollo manages solely for CaIPERS.Update 3-26-11: Apollo Global Management had assets of $57.8 billion as of Sept. 30, 2010. By December 31, 2010 the number had grown to $67.6 billion. Forty six Apollo subsidiaries are based in The Cayman Islands. Bayh jumped on a money cruise ship, just as it approaches port in George Town.
Update 1-29-14: Ezra will join Vox to offer his new blog. I suggest it be called Wankerblog.