WaMu scapegoat gets a second chance

Jan 29, 2011

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

Symphony Technology Group this morning announced that it has hired Marshall Haines as a managing director. It's good to see.

Haines most recently was chief operating officer with Williston Financial Group, but before that spent five years as a principal with TPG Capital -- where he arguably became the scapegoat for the worst private equity deal in history (leading a $7 billion investment in Washington Mutual, less than five months before the lender went under).

Never made too much sense, given that TPG co-founder David Bonderman was a former WaMu board member who rejoined as an observer as part of the doomed investment. Not saying that Haines didn't work on the deal, but he hardly was in a position to be the prime influencer...

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