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DealZone

Behind the deals and deal-makers

11:34 December 11th, 2007

Everyone relax, says David Bonderman

Posted by: Michael Flaherty
Tags: DealZone

default4.jpgFrom the man who gave us the line that George W. Bush was the worst president since Millard Fillmore (and “that’s an insult to Millard”), TPG co-founder had some gems during his speech at the Super Return Middle East private equity conference in Dubai. (See below for the full Millard Fillmore-George Bush quote). One of Bonderman’s main points during his speech on Tuesday is that he doesn’t buy into all the doom and gloom. Bonderman’s thoughts counter that of Ripplewood’s Tim Collins and others who are most certainly worried about the markets. But hey — that’s what makes a market, they say.

In comparing the difference in psychology across the world, mentioning places like Shanghai and Jakarta, Bonderman then referred to TPG’s home in New York and San Francisco, “where clinical depression has set in and the world appears to be coming to an end.” He goes on.

“The data is not quite as bad as the psychology and there’s a need for both capital influx into our financials and Prozac into our investors. Things are not as bad as they’re cracked up to be.”

Of course, this is coming from a private equity player, who can profit in good times and bad. As for that Millard Fillmore, here’s what he told the Wall Street Journal, reprinted in a St. Petersburg Times article:

“George is a really good guy personally. But his policies are really terrible. And he had an opportunity to bring the country together (which was his style in Texas). But for reasons only his psychiatrist would know, he’s chosen to do just the opposite as president. He’s turning out to be the worst president since Millard Fillmore, and that’s probably an insult to Millard Fillmore.”

(Image: David Bonderman at the 10th Milken Institute Global Conference in Beverly Hills, California on April 24. Reuters file.)

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