The revolving door between Washington and Wall Street is nothing new. Cold war mandarins, such as Averell Harriman and Robert Lovett, shuttled back to their banks between stints of public service, and more recently such former officials as Peter Peterson, William Simon and Paul Volcker have become renowned in the investment world. But all these men were financiers by trade and training. Now a fledgling but fast-growing investment group has discovered that global dealmaking these days is as much about cashing in on connections as it is about cash calculations. Rather than seeking big names with proven financial acumen, it is...
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