Tuesday, May 22, 2007
Breaking News! SAFE expands with new hires...
Beijing (AP). In breaking news today, China's State Administration for Foreign Exchange (SAFE) announced that it was beefing up its investment team with some new hires. This follows rapidly on the heels of its announcement that it will take a USD$3 billion stake in Stephen Schwarzman's private equity powerhouse, Blackstone Group.
The new hires, Mssrs Sherman & Peabody, are well-known faces to more experienced and wiser financial market professionals, having been in the spotlight and won numerous awards over the years, especially when most professional were cutting their teeth. Deputy Administrator Li Dongrong said that "Their vision, experience, adventursome spirits, and innovative tools (probably referring to Mr Peabody's "Time Machine" and "Magic Blackboard") will be invaluable to SAFE's ongoing investment efforts.
When interviewed about the career change, Mr Sherman was quoted tersely as saying "If anyone can fix it, Mr Peabody can!".