The Obama administration unveiled their new global development strategy with great fanfare. The Presidential Policy Directive includes:
Creation of a Global Development Council of leading figures from civil society and private and philanthropic sectors.
Hillary hinted at a greater role for philanthropists. She echoed the sentiment in a speech at the Peter G. Peterson Institute.
Will the Global Development Council be like the U.S. Global Leadership Coalition? If so, it will be stacked with private equity underwriters (PEU's). Here are a few:
Colin Powell (Kleiner Perkins)Madeline Albright (Albright Capital Management)James A. Baker, III (advisor to Carlyle Group)Frank Carlucci (Carlyle Group Chairman Emeritus)Tom Daschle (Intermedia Advisors)Bill Frist (Cressey)William Perry (Global Technology Partners, Covant)Tom Ridge (Doheny Global)
While they have billions to donate, the flip side of the PEU coin is greed, evidenced by expectations of 30% annual returns. It's bad when the ShoreCap International crowd expects similar returns on microfinance money.
Who will be America's face in the development world? I sense one for the public and another for personal enrichment.