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Nice Work If You Can Get It

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Aug 13 2007 12:00am EDT

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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