Two Ex-Treasury secretaries leap to the hedges

Sure everybody knocks the hedges and even calls them names, even these guys when they were in office, but former Treasury secretaries John Snow and Larry Summers both went for the gold. They joined hedge funds on Thursday, which just goes to show you.

Cerberus Capital Management LP said Snow joined the $16.5 billion hedge fund firm as chairman. Cerberus, which also specializes in buyouts and corporate restructuring, will benefit from Snow's political and business contacts. Before heading the Treasury, he was chief executive officer of CSX Corp. and was a director at Johnson & Johnson , USX and Verizon, Cerberus noted.

D.E. Shaw said it hired Summers, the former president of Harvard as a managing director. Summers will work part time advising the $25 billion hedge fund firm on strategy, portfolio management and operations. There’ll certainly be no one around to criticize his politically incorrect comments on women etc.

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