Schnurman: Greed doomed the TXU buyout

Private equity firms hired some big guns to sell their buyout of TXU Corp. None was more respected than James Baker, former secretary of state, treasury secretary and chief of staff to two U.S. presidents.

Baker had been an envoy to Africa and the Middle East not long before he was campaigning for the buyout. At an editorial board meeting, the then-76-year-old statesman was asked a question: Why, at that stage of his career, was he hawking a private equity deal?

Baker lifted his right hand and rubbed his thumb against his fingertips, making the universal symbol for money.

It was a candid, revealing moment from a buyout team that had largely stuck to talking points and calculated concessions.

More at http://www.dallasnews.com/business/columnists/mitchell-schnurman/20140329-schnurman-greed-doomed-the-txu-buyout1.ece .