Al and Tipper
Posted on 11/19/2001 2:27:08 AM PST by John W
LOS ANGELES, Nov. 19 — Al Gore, rainmaker? The former vice president will Monday join financial-services firm Metropolitan West Financial Inc. as vice chairman. Gore will focus on expanding MetWest’s businesses to include private-equity investments in biotechnology and information technology and on giving it a broader international presence.
HAVING THE DEFEATED 2000 Democratic presidential candidate on board is likely to significantly raise the public profile of MetWest, a 10-year-old company that is well-respected in the financial sector but all-but-unknown to the wider world. Run by former West Coast executives of Drexel Burnham Lambert and ex-California state finance officials, MetWest is one of the biggest securities lenders in the U.S. and has a significant fixed-income fund-management business. Advertisement
The closely held firm said it has $51.2 billion in assets under management. In an interview, Gore said he picked MetWest over other suitors because it is “an exciting company that has an unlimited future” run by people “with tremendous integrity.”
“Having had a chance to work on issues related to the global marketplace, to biotech and to info-tech from a public-policy perspective, I am eager to participate from a business perspective,” Gore said.
Gore said his new position won’t “have an impact, one way or another,” on his political future. The Democratic stalwart, who has spent almost his entire career in politics, said he hasn’t made up his mind whether to seek the presidency again.
MetWest Chairman and Chief Executive Richard Hollander said he expects Gore to “play a role as an active manager” at the Los Angeles company, seeking out new opportunities for it here and abroad. Gore will continue to live near Washington, D.C., and in his home state of Tennessee, however, and will continue teaching classes at Fisk University in Nashville, Tenn., and at Middle Tennessee State University in Murfreesboro. Hollander won’t discuss what Gore will be paid.
MetWest started when Hollander, formerly head of Drexel’s high-grade bond sales team on the West Coast, bought the securities-lending arm of Security Pacific Bank shortly after its 1992 merger with Bank of America. Working with clients such as the California Public Employees’ Retirement System and Microsoft Corp., MetWest borrows stocks from their portfolios and lends them to short sellers, paying the client interest in exchange. MetWest competes for this business against brokerage houses such as Bear Stearns Cos. and custodial banks including State Street Corp.
“They’ve been a top-notch performer,” said James Burton, chief executive of CalPERS. “Each time they’ve had an opportunity to bid, they’ve won the maximum amount of business.”
Over time, MetWest has incorporated a number of smaller businesses, taking advantage of the wave of financial-services-company consolidations to find small teams of managers who preferred to own their own shops rather than become employees of far bigger institutions. These semiautonomous units manage stocks and bonds, invest in distressed corporate debt and provide investment advice to retired airline pilots. A number of MetWest managers are former California career state officials, including Tom Hayes and Russell Gould, both of whom were directors of finance under Republican Gov. Pete Wilson.
In that sense, Hollander said, Gore will feel right at home. “Tom had been in the public sector for 20 years, much like Al Gore,” he says. “He’s an architect here, not just a name.” Gore, he added, will bring “a lot more than just name recognition.”
Nothing. Sounds like they're just paying for his name. Sounds like they don't actually want him in LA either. Wonder if they were pressured into offering this job to him, nah, who would want to help Gore?
This was back when Drexel was involved up to the gunwales in the junk bond/S&L debacles. One day, his company just folded up shop and disappeared, leaving who knows how many investors in the lurch. He came to work, and knew there was a problem because the building maintenance guy was scraping the name off the door.
I don't know if this nest of vipers is quite a sleazy as they were back then, but the addition of Algore is not encouraging.
Never heard of them before...and won't do business with them now.
Oh, they mean the title "former vice president" (Gore) rather than the former "vice" president (Clinton).
I didn't know of MetWest before. Now I know them well enough to know that I never want to do business with them.
That Hubble??????
I can just picture it:
algore.com:
"How much are they taking out of my pay?
When did this happen?
I thought Bill and I had made the world perfect?
What? Wha...why are they taking 39.5% out of my pay?
It's probably that George Bush, he is after me.
Can't they just leave me alone...wah, wah, wah..."
I kind of doubt it but with these people you NEVER know. I'll see if I can find something.
I don't find anything relating him to "that Hubble". LOL!
Oh, too bad. Was hoping that Chelsea's dad had found gainful employment!
Hmmm...
'Pressured'? or, -ahem- 'pressured'?
Tipper, don't take your love to town...
Al and Tipper
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.