In 1992,at the age of 32,Feinberg co-founded Cerberus Capital Management with William L. Richter[9] and $10 million under management;by 2024;its assets under management would grow past $60 billion.[10][11] In 1999,the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment.[12] In 2006,the firm hired former United States Secretary of the TreasuryJohn Snow,who serves as a chairman of Cerberus.[13]
In May 2011,Feinberg stated that he believed residential mortgage-backed securities may present "a real opportunity for continued investment for quite a period of time"[14] and that there were opportunities in buying assets from European banks.
Feinberg has said of the pay received by himself and other private equity executives,"In general,I think that all of us are way overpaid in this business. It is almost embarrassing." He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns:"If your goal is to maximize your return as opposed to assets under management,I think you can be most effective with a big company infrastructure and a little bit smaller fund size."[15]
Feinberg has been described as "secretive" in The New York Times.[16] In 2007,Feinberg told Cerberus shareholders,"If anyone at Cerberus has his picture in the paper and a picture of his apartment,we will do more than fire that person. We will kill him. The jail sentence will be worth it."[17]
Cerberus owned DynCorp,a major private security contractor,from 2010 to 2020,leading to accusations of a conflict of interest during Feinberg's service on the President's Intelligence Advisory Board,and again after his nomination as Deputy Secretary of Defense.[18][19]
Feinberg is a major Republican donor.[20] In 2016,he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign,donated nearly $1.5 million to pro-Trump PACs,and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers.[21][22] In February 2017,the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies.[23]
He is a member of The Business Council in Washington,D.C.,an association of chief executive officers from a range of companies who meet several times a year for high-level policy discussions.[26][27]
↑ McDonald, Duff (October 24, 2007). "The Dog That Roared". New York Magazine. Archived from the original on August 20, 2016. Retrieved August 6, 2016.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
