Hugh "Skip" McGee III
Hugh E. "Skip" McGee III (born 1959) is an American investment banker from Texas, ex-Lehman Brothers and Barclays executive and currently co-founder and Chief Executive Officer of Intrepid Financial Partners, a power and energy focused merchant bank.
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McGee began his career as a banker in the energy sector in 1987. He joined Lehman Brothers' natural resources group in 1992. He was co-head of Lehman Brothers' global energy practice in Houston, organising the $3.4 billion rescue of energy trader Williams Cos. in 2002. In December 2002 McGee became global head of investment banking in New York, succeeding Bradley Jack. He was in charge of equity, debt, and mergers and acquisitions, and he introduced a new system that rewarded bankers for solving clients' problems instead of selling products, and a new slogan, "Investment banking is a team sport." Banking at Lehman under McGee returned revenues of $11.6 billion in 2004, but was still under pressure from Chief Operating Officer Joe Gregory for better performance; he disagreed with Gregory's management of Lehman.
McGee was involved in negotiations for Lehman with Warren Buffett in March 2008 over a possible investment, and then with the president of Barclays regarding a possible merger in September 2008, shortly before Lehman filed for bankruptcy. McGee joined Barclays Capital as head of Global Investment Banking at the end of that month, and managed the merger of Lehman Brothers' investment bank team into Barclays Capital. He helped Barclays achieve a $3 billion profit in the first quarter of 2009. He reports to Roger Jenkins, chief executive of private equity at Barclays Capital, and he heads the investment banking executive committee. In 2010, McGee noted that the markets were focussing on "plain vanilla" options rather than "esoteric CDOs."
McGee has three children with his wife Susie.
In 2009, McGee sent a letter, later leaked to the media, to the board of directors at The Kinkaid School, which his son attended, criticizing the school's administration and a teacher for altering a previously planned student pep rally, canceling a skit in which his son would have performed in drag. He also complained that the teacher had made a slur against his profession, upsetting his son.
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- "Energy IPOs: A New Blockbuster on Wall Street". BusinessWeek. 14 May 2001. Retrieved 24 June 2010.
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- Ward, Vicky (2010). The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers. John Wiley and Sons. ISBN 0470540869.
- Williams, Mark (2010). "Time Runs Out". Uncontrolled Risk: Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System. McGraw Hill Professional. p. 160. ISBN 0071638296.
- MacIntosh, Julie (5 October 2008). "Behind the scenes of a collapse". Financial Times. Retrieved 24 June 2010.
- "Lehman's McGee, Donini get senior BarCap roles". Reuters. 26 September 2008. Retrieved 24 June 2010.
- Wu, Amy (17 October 2008). "Barclays-Lehman: A progress report". The Deal. Retrieved 24 June 2010.
- Onaran, Yalman (4 March 2010). "JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%". Bloomberg. Retrieved 24 June 2010.
- "Advisory Council Member Biographies". McCombs School of Business. Retrieved 24 June 2010.
- "Bios". The Bendheim Center for Finance. Retrieved 24 June 2010.
- McGee III, Hugh E. (2009-11-11), Re: The Tipping Point (PDF), Dealbreaker.com, retrieved 2011-12-25
- Tolson, Mike (2009-12-07). "Kinkaid letter fans flames over political correctness". Houston Chronicle. Retrieved 2010-06-20.
- Quinn, James (2009-12-02). "Barclays banker Hugh McGee wants son's teacher fired for 'sleazeball' comment". The Daily Telegraph. Retrieved 2011-12-25.