Wall Street Succession & Adani’s Hindenburg Disaster

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Happy Sunday. Welcome back to Dry Powder.

Succession planning brings out a leader’s true colors. And right now, we’re in an epidemic of strange succession planning. In today’s issue, my thoughts on the shakeup underway at the Carlyle Group, and across Wall Street; what the saga of Gautam Adani proves about the financial markets; and some notes on Jay Powell’s attempt to engineer a “soft landing.”

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Wall Street Succession & Adani’s Hindenburg Disaster

News and notes on the inside conversation on Wall Street: Carlyle’s surprise move, the Adani shockwaves, and JPow’s smoke signals.

WILLIAM D. COHAN

Harvey Schwartz, the former No. 2 at Goldman Sachs, who lost the succession battle five years ago to David Solomon, is apparently in talks to become the new C.E.O. at the Carlyle Group, according to Semafor. I admit that this caught me by surprise. As Jerry Seinfeld once said to George Costanza when George was contemplating the idea of becoming a Yankees broadcaster, “Well, they tend to give those jobs to ex-ballplayers and people that are, you know, in broadcasting.” After all, the leadership positions of the most important private equity firms—Carlyle has a market value these days of some $14 billion, up 25 percent so far this year—tend to go to people who are in private equity. Just look at Jon Gray, who is slated to succeed...

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