I, for one, am not surprised that Tony Blair has taken on a part-time role at JP Morgan. He's always been a complete, total and unmitigated investment banker, and now he can get (very well) paid for it.
That said, I'm not at all sure what JPM gets out of the deal. Having a high-profile ambassador is not a new idea, and it's not necessarily a bad one, but it usually helps if said ambassador has at least some understanding of the business he's trying to represent. Blair never showed the least interest in business and financial matters when he was PM, so he has an awful lot of homework to do.
Of course, JPM thinks it is buying access to Blair's contacts. No doubt these are extensive, but I am not sure how many people will feel obligated to return Tony's calls now that he is no longer in a position of power. Angela Merkel and Vladimir Putin may not be in a rush to renew acquaintances when they know that Blair is only calling to request some kind of favour. And it's not as if JPM really needs this kind of high powered smile-and-dial stuff to get business: any big deal that's going, they're pretty much guaranteed a chance to bid anyway.
It's JPM's money, of course, and they're entitled to do what they want with it. But I am more than a little nauseated by the idea of Blair making a seven-figure sum for swanning around the world, wheedling and schmoozing. And apparently he's looking for a few more, similar deals in other industries. It will be interesting to see if anyone in the UK is prepared to hire him --I'd be very surprised.
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