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<ul class="summary-list"><li><keyword id="352324" type="COMPANY" weightage="60" keywordseo="Centerbridge-Partners">Centerbridge Partners</keyword> founder <keyword id="5629707" type="PERSON" weightage="60" keywordseo="Mark-Gallogly">Mark Gallogly</keyword>, who has been advising the Biden administration on climate issues since March, has left his position.</li><li>Ethics experts and environmental activists had opposed Gallogly's hire, questioning the secrecy surrounding his work and his investments in climate-related businesses.</li><li>An Insider investigation last month found that as an investor, Gallogly has been playing both sides of the <keyword id="1484485" type="PERSON" weightage="60" keywordseo="climate-crisis">climate crisis</keyword>.</li></ul>A senior State Department climate advisor is leaving his post following an <a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Insider investigation into his finances</a>.Private equity mogul Mark Gallogly has stepped down from his position as a senior advisor to President Biden's Special Climate Envoy <keyword id="112421" type="PERSON" weightage="60" keywordseo="John-Kerry">John Kerry</keyword> after facing fierce criticism from climate activists and ethics watchdogs over his history of profiting from petroleum-intensive businesses and the use of a loophole in ethics rules that allowed him to keep his investments secret.An Insider investigation into Gallogly's finances published last month found that he has ongoing investments in his former firm, Centerbridge Partners, which has a history of investing in oil and mining interests, even as he seeks to profit from "making investments in decarbonizing the world economy" with a new family investment office.The State Department confirmed Gallogly's departure, which was <a href="https://www.axios.com/wall-street-john-kerrys-climate-team-2931f5fc-dcf0-4f9f-9053-5567655c2b06.html">first reported by Axios</a>.The State Department declined to answer questions about whether Gallogly's departure was planned, what prompted it, whether his financial holdings had raised concerns around conflicts of interest, or about the terms on which the former mogul was separating from the agency.In a prepared statement, Kerry praised Gallogly's service:Gallogly apparently joined the Biden climate team in March, after donating generously to the president's campaign. He retired in December from Centerbridge Partners, the $28 billion private equity firm he co-founded. His hire was not announced by the administration, and for months officials refused to confirm his position for the record. Kerry's remarks on his departure are the first on-the-record comment by any government official regarding Gallogly's government employment.The unusual secrecy around his work - and the unusual nature of the position, which allowed Gallogly to handle sensitive policy matters without reporting his extensive financial holdings to ethics officials - raised concerns from climate activists and good government experts alike.Last month, <a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Insider detailed</a> Gallogly's extensive financial support of Democratic campaigns, including $5 million in donations in the 2020 cycle to Biden, Democratic Congressional campaigns, and associated entities. It also noted Gallogly's ongoing investments in Centerbridge Partners and two of its funds. In the past, Centerbridge Partners has invested in businesses profiting from oilfield services and petroleum exploration to container shipping, parking and aircraft leasing. His family office, Three Cairns Group, seeks to profit from businesses that combat the climate crisis."Good Lord. How does this guy not have a conflict of interest?" Walter Shaub, a senior ethics fellow with the nonprofit Project on Government Oversight who frequently tangled with the Trump administration on ethics issues, told Insider. "You can't hire a hedge-fund guy and make no efforts to identify what conflicts he brings to the table."Gallogly's work at the State Department allegedly involved lining up voluntary commitments from major financial institutions to make "sustainable" investments. "It's certainly worth asking why folks who were directly involved in the corporations and financial firms most responsible [for climate change] are the right people to lead the US government's response to the crisis," Moira Birss, a climate and finance expert with Amazon Watch, told Insider.Gallogly did not respond to a request for comment.

A secretive private equity mogul advising the Biden White House on climate is out following an Insider investigation

Good morning and welcome to <keyword id="10669910" type="UNKNOWN" weightage="60" keywordseo="10-things-in-politics">10 Things in Politics</keyword>. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">If this was forwarded to you, sign up here.</a>I'm Insider senior <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword> reporter Grace Panetta, filling in for Brent Griffiths. You can send me tips at <a href="mailto:gpanetta@insider.com">gpanetta@insider.com</a> or <a href="https://twitter.com/grace_panetta">@grace_panetta</a> on TwitterHere's what we're talking about today:<ul><li><a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6">Broke congressional staffers share their real-life budgets;</a></li><li><a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Biden admin won't speak this secretive advisor's name in public;</a></li><li><a href="https://www.insider.com/supreme-court-sides-with-cheerleader-brandi-levy-free-speech-case-2021-6">SCOTUS sides with cheerleader in free-speech case.</a></li></ul>With Jordan Erb.<a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6"></a>1. THE MONEY DIARIES OF HILL STAFFERS: <keyword id="80403" type="CITY" weightage="60" keywordseo="Capitol-Hill">Capitol Hill</keyword> staffers <a href="https://www.businessinsider.com/congress-salaries-steny-hoyer-income-pay-raise-2021-5">have put up with low wages for years</a>. And now, eight current and former staffers <a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6">shared their budgets to show how thin they're stretched.</a>Ambitious Capitol Hill staffers <a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6">open up</a> about working second jobs, snagging free food, and struggling to cover expenses on salaries starting in the $20,000s. All work grueling jobs in <a href="https://www.businessinsider.com/most-expensive-cities-in-america-2019-5">one of the most expensive cities in the country.</a><a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6">Some insights:</a><ul><li>A legislative aide making $45,500 revealed that after their monthly pay, expenses, debt payments, and some financial help from their family... they have -$27 left over.</li><li>A former Republican House staff assistant who made $30,500 revealed they had to work a second job with Postmates.</li><li>A Democratic senior staffer puts most of their paycheck towards childcare: "As you can see, my takehome barely covers daycare."</li></ul><a href="https://www.businessinsider.com/how-capitol-hill-staffers-budget-their-salaries-in-expensive-dc-2021-6">See how Capitol Hill staffers get creative to make their salaries last the month.</a><a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6"><div type="image" title="President Joe Biden with the Earth behind him and Mark T. Gallogly peeking out from behind the Earth on a green background." height="1200" width="2400" msid="83806131" hostid="261"></div></a>2. The mysterious mogul advising the Biden admin: You won't find a trace of his name in most public documents. Administration officials refuse to speak publicly about what exactly he does. In a new investigation, we <a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">pull back the curtain on Mark T. Gallogly, the most important climate official you've never heard of.</a><ul><li>Gallogly, a top advisor to Biden climate envoy John Kerry, co-founded the $28 billion private-equity firm Centerbridge Partners. </li></ul>The secrecy around Gallogly's job at the State Department and the largely unknown scope of his climate-related holdings and investments pose thorny ethical questions.<ul><li>As former White House ethics czar Walt Shaub summed it up: "Yikes." </li></ul><a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Gallogly "has played both sides of the climate crisis" in his time as a high-powered financier,</a> our investigation found. His firm has invested in fossil fuel and transportation, while his family investment office pursues sustainable investment initiatives.Dozens of environmental groups have criticized Gallogly's appointment and called for him to be removed, including in one petition casting him as part of a "vulture capitalism." <a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Read our exclusive investigation digging into the mysterious Mark T. Gallogly here. </a>3. Biden's pick to oversee Capitol riot cases: The White House is expected to nominate Matt Graves as US Attorney for the District of Columbia. <a href="https://www.businessinsider.com/january-6-capitol-riots-joe-biden-prosecute-matt-graves-2021-6">Graves formerly prosecuted fraud and public corruption cases</a> for the DC US Attorney's office before leaving in 2016. He could soon be tasked with managing the 450+ federal cases of defendants charged in connection to the January 6 insurrection. <a href="https://www.insider.com/all-the-us-capitol-pro-trump-riot-arrests-charges-names-2021-1">Check out our searchable table of everyone who's been charged in the Capitol riot so far.</a>4. Biden and AG Merrick Garland outline new steps to tackle gun violence: Biden and Garland addressed the <a href="https://www.nytimes.com/2021/06/01/us/shootings-in-us.html">spiking rates of homicide</a> and other violent crimes in major cities <a href="https://www.businessinsider.com/biden-plan-combat-gun-violence-crime-criminal-justice-2021-6">while speaking at the Justice Department on Wednesday</a>, zeroing in on illegal gun trafficking in particular. <ul><li>"We are announcing a major crackdown on the stem of the flow of guns used to commit violent crimes," Biden said. "It is zero tolerance for those who willfully violate key existing laws and regulations."</li></ul>Their remarks followed a new DOJ initiative to establish five new "strike forces" targeting illegal weapons traffickers in major cities. <a href="https://www.insider.com/supreme-court-sides-with-cheerleader-brandi-levy-free-speech-case-2021-6"><div type="image" title="brandi levy.JPG" height="1249" width="2500" msid="83806136" hostid="261"></div></a>5. Student cheerleader wins a big free-speech case: The Supreme Court sided with a former Pennsylvania high school student who sued her school district for <a href="https://www.insider.com/supreme-court-sides-with-cheerleader-brandi-levy-free-speech-case-2021-6">suspending her from the cheerleading team over profane Snapchat messages. </a>"F--- school, f--- softball, f--- cheer, f--- everything," a then-14-year-old Brandi Levy posted on Snapchat while off campus, her response to not making the varsity cheer squad. The court <a href="https://www.supremecourt.gov/opinions/20pdf/20-255_g3bi.pdf">held in a 8-1 decision</a> that the school's interests in policing off-campus speech did not override Levy's right to free expression.<ul><li><a href="https://twitter.com/jbarro/status/1407731529481175042">As our columnist Josh Barro put it on Twitter</a>: "What a story for her to tell at parties and in corporate icebreaker games!" </li></ul>6. Sanders and Dems have a backup plan: Bernie Sanders and Democrats are working on a second infrastructure plan in case their current one fails. <a href="https://www.businessinsider.com/bernie-sanders-infrastructure-draft-jobs-and-families-plan-democrats-2021-6">Documents obtained by Insider show the full details of the $6 trillion plan.</a>Dems are still deciding what makes the final cut, but a sample of what's included:<ul><li>Lowering Medicare eligibility to 60;</li><li>$150 billion toward a clean electricity payment program.</li></ul><a href="https://www.businessinsider.com/bernie-sanders-infrastructure-draft-jobs-and-families-plan-democrats-2021-6">Get more details - and see the documents - here.</a>7. Florida cracks down on intellectual "indoctrination": Republican governor Ron DeSantis <a href="https://www.businessinsider.com/desantis-signs-law-to-punish-student-indoctrination-at-florida-universities-2021-6">signed legislation</a> requiring public universities to survey students and staff about their beliefs - purportedly to determine the state of "intellectual diversity" on campuses. <ul><li>DeSantis said campuses were "hotbeds for stale ideology" and "not worth tax dollars." <a href="https://www.businessinsider.com/desantis-signs-law-to-punish-student-indoctrination-at-florida-universities-2021-6">Here's what the legislation means for Florida schools.</a></li></ul><a href="https://www.businessinsider.com/trump-jealous-of-jared-kushner-7-figure-book-advance-report-2021-6"><div type="image" title="Jared Kushner and Trump" height="1000" width="2000" msid="83806139" hostid="261"></div></a>8. Trump jealous of Jared Kushner's book advance: Per a CNN report, <a href="https://www.businessinsider.com/trump-jealous-of-jared-kushner-7-figure-book-advance-report-2021-6">Trump is jealous that his son-in-law struck a seven-figure deal</a> for a memoir about his work as a senior White House official. <ul><li>That's not the only rift in their relationship - CNN also reported that Trump's rants about the 2020 election have driven away both Kushner and Trump's daughter, Ivanka. <a href="https://www.businessinsider.com/trumps-obsession-with-2020-election-driving-away-jared-ivanka-report-2021-6">Why they're visiting Trump less and less often.</a></li></ul>9. Antivirus mogul John McAfee has died by apparent suicide: McAfee, 75, <a href="https://www.businessinsider.com/john-mcafee-dead-suicide-spain-jail-tax-evasion-2021-6">was found dead in a Barcelona jail cell on Wednesday.</a> McAfee was being held in Spain while awaiting extradition on tax evasion charges - which Spain's National Court approved earlier that day. <a href="https://www.businessinsider.com/john-mcafee-dead-suicide-spain-jail-tax-evasion-2021-6">Here's what we know so far.</a>10. Should you return to in-office work or stay remote? This quiz might be able to help you decide: Wonder if you're cut out for fully remote work? How about a hybrid situation? Or would you be better off heading to the office each day? <a href="https://www.businessinsider.com/personality-quiz-working-from-home-office-or-hybrid-2021-6">Take the quiz to find out.</a>Today's trivia question: In honor of the NBA playoffs, which former New Jersey senator used to be a professional basketball player? Email your answer and a proposed question to <a href="mailto:gpanetta@insider.com">gpanetta@insider.com</a>.<ul><li>Yesterday's answer: Former president George W. Bush <a href="https://www.mentalfloss.com/article/70906/12-famous-people-who-have-run-marathons">ran the 1993 Houston Marathon in 3:44:52</a> at the age of 46.</li></ul>

10 Things in Politics: Money diaries of broke Hill staffers

Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>Citizens Bank's CEO explains how a digital strategy will be key to growing the regional bank <a href="https://www.businessinsider.com/citizens-bank-ceo-digital-strategy-mass-affluent-hsbc-branch-deal-2021-6">into a national brand</a>. </li><li>Raymond James' top banker is keen to build out the <a href="https://www.businessinsider.com/raymond-james-healthcare-banking-expansion-jim-bunn-biotech-ecm-mergers-2021-6">boutique investment bank's healthcare group</a> a midst a surge in biotech deals. </li><li>T. Rowe Price is eyeing the <a href="https://www.businessinsider.com/t-rowe-chris-newman-alternative-investments-real-estate-private-credit-2021-6">$7 trillion private-investing space</a>. </li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/citizens-bank-ceo-digital-strategy-mass-affluent-hsbc-branch-deal-2021-6">Citizens Bank is in a 'mad experimentation period' to grow into a national powerhouse after buying HSBC's US biz</a></h3><a href="https://www.businessinsider.com/citizens-bank-ceo-digital-strategy-mass-affluent-hsbc-branch-deal-2021-6"><div type="image" title="BVS_18Tight" height="1124" width="1499" msid="83806810" hostid="261"></div></a>We spoke with Citizens Bank CEO Bruce Van Saun, who detailed the regional bank's digital strategy for branching out. <a href="https://www.businessinsider.com/citizens-bank-ceo-digital-strategy-mass-affluent-hsbc-branch-deal-2021-6">Here's what he told us.</a><h3><a href="https://www.businessinsider.com/raymond-james-healthcare-banking-expansion-jim-bunn-biotech-ecm-mergers-2021-6">Raymond James' investment-bank president wants to double the healthcare group's revenue in 3 years as biotech remains hot</a></h3><a href="https://www.businessinsider.com/raymond-james-healthcare-banking-expansion-jim-bunn-biotech-ecm-mergers-2021-6"><div type="image" title="Jim Bunn, Raymond James" height="2124" width="2832" msid="83806814" hostid="261"></div></a>Raymond James' top banker, Jim Bunn, explained why biotech is the key to the firm's growth in healthcare. <a href="https://www.businessinsider.com/raymond-james-healthcare-banking-expansion-jim-bunn-biotech-ecm-mergers-2021-6">Here's how he plans to capitalize on the hot biotech market.</a><h3><a href="https://www.businessinsider.com/t-rowe-chris-newman-alternative-investments-real-estate-private-credit-2021-6">Here's T. Rowe Price's gameplan for pushing further into the $7 trillion private-investing space</a></h3><a href="https://www.businessinsider.com/t-rowe-chris-newman-alternative-investments-real-estate-private-credit-2021-6"><div type="image" title="Chris Newman, a top institutional executive at T. Rowe Price, in front of a gray background." height="1999" width="2666" msid="83806815" hostid="261"></div></a>Chris Newman, head of the Americas for T. Rowe Price's institutional business, spoke with Insider about the $1.6 trillion asset manager's push into alternative investments, like private credit. <a href="https://www.businessinsider.com/t-rowe-chris-newman-alternative-investments-real-estate-private-credit-2021-6">Take an inside look at the firm's strategy.</a><h3><a href="https://www.businessinsider.com/jpmorgan-invest-robo-advisor-assets-wealth-management-jamie-dimon-2021-6">How JPMorgan is doubling down on digital investing with its robo-advisor acquisition</a></h3><a href="https://www.businessinsider.com/jpmorgan-invest-robo-advisor-assets-wealth-management-jamie-dimon-2021-6"><div type="image" title="JPMorgan CEO Jamie Dimon." height="3620" width="4826" msid="83806819" hostid="261"></div></a>The firm is acquiring Nutmeg, a UK digital wealth manager with some £3.5 billion in assets. <a href="https://www.businessinsider.com/jpmorgan-invest-robo-advisor-assets-wealth-management-jamie-dimon-2021-6">More on that here.</a><h3><a href="https://www.businessinsider.com/engine-no-1-exxonmobile-invests-etf-stock-fund-interview-activist-2021-6">A tiny ESG hedge fund took on Exxon - and won. Now Engine No. 1 has a new play for transforming activist investing.</a></h3><a href="https://www.businessinsider.com/engine-no-1-exxonmobile-invests-etf-stock-fund-interview-activist-2021-6"><div type="image" title="Exxon Baton Rouge refinery" height="3439" width="4586" msid="83806824" hostid="261"></div></a>Managing director Michael O'Leary walked Insider through how the fund thinks about activism. <a href="https://www.businessinsider.com/engine-no-1-exxonmobile-invests-etf-stock-fund-interview-activist-2021-6">Here's what he said</a>.<h3><a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">The Biden administration has named a secretive private equity mogul with significant investment interests in climate-related businesses to help shape the US's response to the climate crisis</a></h3><a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6"><div type="image" title="Biden" height="4000" width="5333" msid="83806826" hostid="261"></div></a>Mark T. Gallogly, a Centerbridge Partners cofounder, is a special advisor to Biden's climate envoy. <a href="https://www.businessinsider.com/mark-gallogly-secretive-mogul-climate-2021-6">Find out more about the appointment</a>.<h2>Odd lots:</h2><a href="https://www.bloomberg.com/news/features/2021-06-23/spac-stocks-wall-street-billionaires-make-millions-while-investors-lose-money?sref=5xrDvJna">The SPAC Man Method: Inside the Billionaire Rush for Riches (Bloomberg)</a><a href="https://www.efinancialcareers.com/news/2021/06/pay-increases-changing-jobs-bankers">Traders lose opportunity to lock-in pay rises as market softens (eFinancialCareers)</a><a href="https://www.bloomberg.com/news/articles/2021-06-18/spac-backed-by-father-fuels-84-gain-buying-firm-run-by-daughter?srnd=premium&amp;sref=5xrDvJnavJna">SPAC Backed by Father Gains 84% Buying Firm Run by Daughter (Bloomberg)</a><a href="https://www.businessinsider.com/personality-quiz-working-from-home-office-or-hybrid-2021-6">Take this personality quiz to find out if you work best from home, in an office, or something in between (Insider)</a>

Citizens eyes mass affluent following HSBC deal

<ul class="summary-list"><li>Business Insider caught up with Centerbridge Partners co-founder Jeff Aronson at SuperReturn in Berlin last week.</li><li>We asked him about qualities he looks for in associates he hires at his 300-person firm; succession as his partner Mark Gallogly readies for retirement; and what concerns him about young PE execs today.</li><li>"If you're 36 and you're hitting your stride, you haven't seen a cycle," he said. "Part of it is investing experience, and you don't know what you don't know. You learn when you make mistakes."</li><li>"It's part of the quote 'traditional' path," he said about getting an MBA. "You go to a good school, then work at a bank, and then you work at a PE firm for a couple years and you go to business school. But that's certainly not required." </li><li>Click here for more <a href="https://www.businessinsider.com/prime">BI Prime stories</a>.</li></ul>New York City philanthropist and fund manager Jeff Aronson spends a lot of time thinking about the next generation of private-equity investors. After all, his 15-year-old Centerbridge Partners is losing one of its most senior members as younger execs step up.Mark Gallogly, the investor who served as an economic advisor to the Obama administration and <a href="https://www.politico.com/states/new-york/albany/story/2013/01/polling-mark-gallogly-hedge-fund-manager-and-obama-economic-adviser-for-mayor-000000">once considered a run for New York City mayor</a>, is set to retire from the firm this fall as he <a href="https://www.wsj.com/articles/centerbridge-co-founder-mark-gallogly-prepares-to-retire-11573718400">reportedly pursues other endeavors like public policy and climate change issues.</a>That means that Aronson, who chairs the board of trustees at John Hopkins University and also serves on the board of trustees at John Hopkins Medicine and New York University School of Law, will become the sole managing principal of the firm with more than $25 billion in assets under management. Gallogly, 63, co-founded Centerbridge with Aronson in 2005 after leaving The Blackstone Group where he co-invested in deals alongside Aronson, who then worked in credit at Angelo Gordon &amp; Co. The name "Centerbridge" came from the idea that they bridged private-equity, Gallogly's expertise, and credit, Aronson's focus, to the center. Instead of moving to replace Gallogly, Centerbridge has quietly elevated leaders within the firm to prepare for his exit, including two co-heads of private-equity: Matthew Kabaker, a former senior advisor to Timothy Geithner while he was U.S. Treasury Secretary, and Steven Silver, a former managing director of Vestar Capital Partners."This is something that we have been planning and thinking about for a number of years," Aronson told Business Insider in a recent interview. "We thought it was important to give everyone a very long lead time. So we started talking about this years ago - no surprises." <h3>What Centerbridge looks for in a hire</h3>The firm, whose investments have included P.F. Chang's China Bistro, the chain of Chinese restaurants, <a href="https://www.bizjournals.com/phoenix/news/2019/01/13/p-f-changs-set-to-be-sold-for-700-million-report.html">which it sold in 2019 for $700 million,</a> and Great Wolf Resorts, the family resort chain, <a href="https://www.bizjournals.com/phoenix/news/2019/01/13/p-f-changs-set-to-be-sold-for-700-million-report.html">which it co-owns with Blackstone</a>, staffs some 300 people, including 100 investment professionals throughout New York City and London.It has three main focuses: private-equity, credit and real estate. And it hires anywhere between five and 10 investment professionals a year as associates, who typically have two to three years experience at a large bank and an interest in turning to the buy-side."I'm looking for people who love investing for the sake of investing," Aronson said, as he prepares the firm for its next stage of evolution, hand-picking talent that best matches the culture of his firm while also maintaining top intellectual standards and investing judgment. "It's almost like a hobby for them," he said of the ideal candidate who would fit in well at Centerbridge."I think a lot of people go into private-equity because they look at it as a path to wealth," he said. "But I think the people who are best at it love it intrinsically for what it is and it just so happens that you're good at it and it can be lucrative."<h3>Next-gen private equity talent</h3>Business Insider caught up with Aronson last week at the SuperReturn conference and sat with him for an interview about his views on Centerbridge's own succession, insights into his thinking about the firm's expanding talent base, as well as thoughts on the next generation of private-equity investors at large.Aronson, busy from back-to-back meetings which he referred to as almost like "speed-dating" at SuperReturn, spoke with us as he caught up on lunch in a small conference room on the ground-floor of the InterContinental Hotel in Berlin.Aronson, only a couple years younger than Gallogly at 61, is something of a legendary investor.In 2012 and 2013, he returned more than $1 billion to investors in its Credit Partners hedge fund because Aronson and his team didn't see enough distressed opportunities to deploy their capital. "It is not our money," <a href="https://www.institutionalinvestor.com/article/b14zbc7sb5yyf5/centerbridges-aronson-gives-back-to-investors">he told Institutional Investor</a> at the time, of what the publication called a rare move. "If we can't find compelling investment ideas, the right thing to do is to give the money back to investors." But despite his giving back, that doesn't mean he hasn't lived comfortably. He once shelled out $13 million for a ninth-floor co-op overlooking Central Park, <a href="https://observer.com/2012/03/centerbridge-bridge-boss-jeff-aronson-buys-stress-free-central-park-west-roost/">according to the Observer</a>.Today, Centerbridge is considered one of the most prominent investing firms, with recent investments <a href="https://www.reuters.com/article/gohealth-ma-centerbridge/buyout-firm-centerbridge-makes-major-investment-in-gohealth-idUSL2N25F0IR">in GoHealth, the online health insurance markeplace, and Civitas Solutions Inc., a provider of home and community based healthcare for people with disabilities or other special needs.</a><h3>'Investing is a team sport'</h3>Aronson said that as Centerbridge has expanded its roster, it has worked hard to maintain a collaborative environment, with open-floor plan in its offices and communication between investors about deals. So anyone joining the firm should be a natural collaborator."Investing is a team sport," he said. "One of things I've learned is, if you can figure out a way to harness all that intellectual capital within a firm and move it in the same direction, it's really powerful. We all sit together. We believe that will lead to better decision making."And mistakes, he said, are valuable. One of his own mistakes came in the form of career selection early on.Aronson initially thought he wanted to be an attorney specializing international law, with a vision he would travel the world, maybe jet off to London to negotiate a deal and stay in a nice hotel. With a JD from NYU School of Law, he became an associate at the corporate law firm of Stroock &amp; Stroock &amp; Lavan. "I soon learned that international law meant staying in your office in Manhattan until 3am every night looking at a stack of documents," he said. "It just wasn't for me." <h3>Learning what makes a company tick</h3>Coming into investing from the legal world, Aronson learned the investing job on the fly. He was first an in-house lawyer at a mid-sized investment bank called LF Rothschild, until the stock market crashed and the firm imploded.When two of the executives there launched a new firm, Angelo &amp; Gordon, Aronson raised his hand and said he wanted to go with them.He took night classes at NYU Stern while working at the firm, focused on "non-traditional" investments. "I don't think the phrase hedge fund even existed back then," he said. But he quickly learned of his fascination with the business of investing in his accounting and corporate finance classes."It's like doing puzzles," he said. "It's trying to understand a company and what makes it tick and how it operates."As much as he loved night classes at Stern, Aronson is of the belief that you don't need an MBA to be a successful private-equity investor."I think it's part of the quote 'traditional' path," he said. "You go to a good school, then work at a bank, and then you work at a PE firm for a couple years and you go to business school. But that's certainly not required." One thing is irreplaceable, though: experience.It's actually what concerns him about young private-equity executives today, as the economic cycle moves later and later stage. "If you started your career when you were 26, ten years ago, if you're 36 and you're hitting your stride, you haven't seen a cycle," he said. "Part of it is investing experience, and you don't know what you don't know. You learn when you make mistakes."

The cofounder of $25 billion Centerbridge Partners explains what his firm looks for in next-gen talent and why you don't always need an MBA to be successful in private equity

<div class="KonaFilter image-container display-table"><div><div class="image">Jonathan Ernst/Reuters</div></div></div>
Today, the CEOs of New York City's 200 leading companies - all members of the <a href="http://pfnyc.org/">Partnership for New York City</a> - sent an urgent letter to House Republican Leadership asking them "to quickly pass the Terrorism Risk Insurance Reauthorization Act (TRIA)."
TRIA was originally passed in 2002 in the wake of 9/11, and exists to "provide a federal backstop for insurance coverage in the event of catastrophic losses from terrorist attacks." In other words, the bill was designed to help employers and insurers to appropriately manage terrorism risk. As it stands, TRIA is set to expire in December 2014.
On July 17, the Senate passed a version of a TRIA reauthorization 93-4 in a display of overwhelming support from both sides of the aisle. The Senate's renewal bill extends TRIA for an additional seven years, and was first brought to the floor by Sen. Schumer (NY) in April. The House currently has its own version of the TRIA extension, which only proposes to extend the bill for five years. 
The Partnership for New York City's letter cites the U.S.'s "vulnerab[ility] to international terrorism" and urges the House to "act swiftly to pass a bill that maintains a program structure that has proven effective and has had no cost to the federal taxpayer." It was signed by executives from a wide array of industries including. Some of the signatories included: fashion designer Tory Burch, media mogul Barry Diller, American Express CEO Kenneth I. Chenault, Viacom Inc. President and CEO Philippe Dauman, and billionaire John Catsimatidis. 
The House is set to vote on the Senate's version of the bill in coming weeks.
Here is the full text of the letter:
July 22, 2014
Honorable John Boehner (R-OH) Speaker of the House Honorable Kevin McCarthy (R-CA) Majority Whip Honorable Steve Scalise (R-LA) Majority Whip-Elect Dear Representatives Boehner, McCarthy, and Scalise, We write to urge the House of Representatives to quickly pass the Terrorism Risk Insurance Reauthorization Act (TRIA). America remains vulnerable to international terrorism. "TRIA" is one of the 21st Century tools that we rely upon to protect American jobs and allow investment to continue, despite the risk of terrorism. With the sunset of this federal program coming up in December, it is already difficult to renew insurance along the lines required by employers and property owners in urban centers. 
The bill that passed in the Senate last week with overwhelming, bipartisan support provides the federal backstop necessary to allow insurers, employers, and property owners to continue to manage terrorism risk. It is important to the business community in New York City and across the nation that the House act swiftly to pass a bill that maintains a program structure that has proven effective and has had no cost to the federal taxpayer. We want to continue to work with you to keep our economy growing. TRIA is one of the public-private partnership arrangements that makes continued growth possible. 
Sincerely- Lee S. Ainslie, III, Managing Partner, Maverick Capital Ajay S. Banga, President &amp; CEO, MasterCard David Barger, President &amp; CEO, JetBlue Airways Corporation Candace K. Beinecke, Chair, First Eagle Fund &amp; Chair, Hughes Hubbard &amp; Reed LLP Frank A. Bennack, Jr., Executive Vice Chairman of the Board &amp; Chairman, Executive Committee, Hearst Corporation Stephen Berger, Chairman, Odyssey Investment Partners, LLC William H. Berkman, Managing Partner, Associated Partners, LP Mark T. Bertolini, Chairman, CEO &amp; President, Aetna Inc. Michael W. Blair, Presiding Partner, Debevoise &amp; Plimpton LLP Jeff T. Blau, Chief Executive Officer, The Related Companies, L.P. Kathy Bloomgarden, Chief Executive Officer, Ruder Finn, Inc. Adam M. Blumenthal, Managing Partner, Blue Wolf Capital Management Michael C. Bodson, President &amp; CEO, The Depository Trust and Clearing Corporation Frank Branchini, Chairman &amp; CEO, EmblemHealth Services LLC Jacques Brand, Chief Executive Officer, North America, Deutsche Bank Americas Tory Burch, Chief Executive Officer, Tory Burch LLC Ursula M. Burns, Chairman &amp; CEO, Xerox Corporation Michael A. Carpenter, Chief Executive Officer, Ally Financial Inc. Gregory C. Case, Chief Executive Officer, Aon plc Dominic J. Casserley, Chief Executive Officer, Willis Group Holdings, Plc John Catsimatidis, Chairman &amp; CEO, Red Apple Group, Inc. Kenneth I. Chenault, Chairman &amp; CEO, American Express Company Richard B. Clark, Chairman &amp; Global Head of Real Estate, Brookfield Office Properties Inc. H. Rodgin Cohen, Senior Chairman, Sullivan &amp; Cromwell LLP Creighton Condon, Senior Partner, Shearman &amp; Sterling Philippe P. Dauman, President and CEO, Viacom Inc. Anthony J. de Nicola, Co-President, Welsh, Carson, Anderson &amp; Stowe Todd C. DeGarmo, Chief Executive Officer, STUDIOS Architecture Barry Diller, Chairman &amp; Senior Executive, IAC Daniel L. Doctoroff, President &amp; CEO, Bloomberg L.P. Irene M. Dorner, President &amp; CEO, HSBC Bank USA Douglas Durst, Chairman, Durst Organization Inc. Richard W. Edelman, President &amp; CEO, Edelman Joel S. Ehrenkranz, Senior Partner, Ehrenkranz Partners L.P. Andrew Farkas, Chairman &amp; CEO, Island Capital Group LLC Roger W. Ferguson, President &amp; CEO, TIAA-CREF Joseph R. Ficalora, President &amp; CEO, New York Community Bancorp, Inc. Laurence D. Fink, Chairman &amp; CEO, BlackRock, Inc. Alan H. Fishman, Chairman, Ladder Capital Finance LLC William E. Ford, Chief Executive Officer, General Atlantic LLC Edward C. Forst, President &amp; CEO, Cushman &amp; Wakefield, Inc. Russell P. Fradin, Chief Executive Officer, SunGard Eric J. Friedman, Managing Partner, Skadden, Arps, Slate, Meagher &amp; Flom LLP Mark T. Gallogly, Managing Principal, Centerbridge Partners MaryAnne Gilmartin, President &amp; CEO, Forest City Ratner Companies Barry M. Gosin, Chief Executive Officer, Newmark Grubb Knight Frank Jonathan N. Grayer, President &amp; CEO, Weld North LLC James H. Herbert, II, Chairman &amp; CEO (Founding), First Republic Bank Marc Holliday, President &amp; CEO, SL Green Realty Corp. Brian T. Horey, President, Aurelian Management Frederick J. Iseman, Chairman &amp; CEO, CI Capital Partners LLC Brad S. Karp, Chair, Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP Jeffrey Katz, President &amp; CEO, Sherwood Equities Inc. Klaus Kleinfeld, Chairman &amp; CEO, Alcoa Inc. Henry R. Kravis, Co-Chairman &amp; Co-CEO, Kohlberg Kravis Roberts &amp; Co. William P. Lauder, Executive Chairman, The Estée Lauder Companies, Inc. Rochelle B. Lazarus, Chairman Emeritus, Ogilvy &amp; Mather Worldwide Joseph M. Leccese, Chairman, Proskauer Richard S. LeFrak, Chairman &amp; CEO, The LeFrak Organization Jeffrey E. Levine, Chairman, Douglaston Development Pamela Liebman, President &amp; CEO, The Corcoran Group, Inc. Martin Lipton, Senior Partner, Wachtell, Lipton, Rosen &amp; Katz Terry J. Lundgren, Chairman, President &amp; CEO, Macy's, Inc. Bridget A. Macaskill, President &amp; CEO, First Eagle Investment Management, LLC Peter L. Malkin, Chairman Emeritus, Empire State Realty Trust Joel S. Marcus, Chairman, CEO &amp; Founder, Alexandria Real Estate Equities, Inc. Donald B. Marron, Chairman, Lightyear Capital Peter W. May, President &amp; Founding Partner, Trian Partners John McAvoy, Chairman, President &amp; CEO, Con Edison Sherilyn McCoy, Chief Executive Officer, Avon Products, Inc. Raymond W. McDaniel, Jr., President &amp; CEO, Moody's Investors Service Mitchell Modell, Chief Executive Officer, Modell's Sporting Goods Kenneth D. Moelis, Chief Executive Officer, Moelis &amp; Company Holdings LP Robert E. Moritz, Chairman &amp; Senior Partner, PricewaterhouseCoopers, LLP Atsushi Nakajima, President &amp; CEO, Rockefeller Group International, Inc. Richard D. Parsons, Senior Advisor, Providence Equity Partners Douglas L. Peterson, President &amp; CEO, McGraw Hill Financial Charles E. Phillips, Jr., Chief Executive Officer, Infor Ian C. Read, Chairman of the Board &amp; CEO, Pfizer Inc. Scott H. Rechler, Chairman &amp; CEO, RXR Realty LLC Thomas J. Reid, Managing Partner, Davis Polk &amp; Wardwell LLP Daniel W. Riordan, Chief Executive Officer, Global Corporate, North America, Zurich Insurance Group Ltd James D. Robinson, III, Co-Founder &amp; General Partner, RRE Ventures Julio E. Rojas, Chief Executive Officer, Americas, Standard Chartered Bank Wilbur L. Ross, Jr., Chairman &amp; CEO, WL Ross &amp; Co. LLC Michael I. Roth, Chairman &amp; CEO, Interpublic Group Steven Roth, Chairman &amp; CEO, Vornado Realty Trust Howard J. Rubenstein, President, Rubenstein Associates, Inc. William C. Rudin, Vice Chairman &amp; CEO, Rudin Management Company, Inc. Kevin P. Ryan, Chairman &amp; Founder, Gilt Alexander Saint-Amand, Chief Executive Officer, GLG Alan D. Schwartz, Executive Chairman, Guggenheim Partners, LLC Frank J. Sciame, Chairman &amp; CEO, F.J. Sciame Construction Co., Inc. Michael C. Slocum, President, Commercial Banking, Capital One Bank Tad Smith, President &amp; CEO, The Madison Square Garden Company James C. Smith, Chief Executive Officer, Thomson Reuters J. Eric Smith, Chief Executive Officer, Swiss Re Americas Jerry I. Speyer, Chairman &amp; Co-CEO, Tishman Speyer Arthur P. Steinmetz, President &amp; CEO, OppenheimerFunds, Inc. Mark Thompson, President &amp; CEO, The New York Times Company Mary Ann Tighe, Chief Executive Officer, NY Tri-State Region, CBRE, Inc. James S. Tisch, President &amp; CEO, Loews Corporation John B. Veihmeyer, Chairman &amp; CEO, KPMG LLP George H. Walker, Chairman &amp; CEO, Neuberger Berman Group LLC Charles Weinstein, Chief Executive Officer, EisnerAmper LLP Christopher J. Williams, Chairman &amp; CEO, The Williams Capital Group, L.P. Robert Wolf, Chief Executive Officer, 32 Advisors, LLC Douglas M. Woodham, President, Americas, Christie's Kathryn S. Wylde, President &amp; CEO, Partnership for New York City Tim Zagat, Co-Chair, Zagat Survey LLC Strauss Zelnick, Chief Executive Officer, ZelnickMedia Corporation Mortimer B. Zuckerman, Chairman &amp; Editor-in-Chief, USNews &amp; World Report; Chairman &amp; Publisher, NY Daily News; Chairman, Boston Properties

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