Hugh "Skip" McGee III

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Hugh E. "Skip" McGee III (born 1959) is an American investment banker from Texas,[1] 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.[citation needed]

Education[edit]

McGee graduated summa cum laude from Princeton University in civil engineering in 1981,[2] and received a JD with honors from the University of Texas School of Law.[3]

Career[edit]

McGee began his career as a banker in the energy sector in 1987.[4] He joined Lehman Brothers' natural resources group in 1992.[5] He was co-head of Lehman Brothers' global energy practice in Houston,[6][7] organising the $3.4 billion rescue of energy trader Williams Cos. in 2002.[8] In December 2002 McGee became global head of investment banking in New York, succeeding Bradley Jack.[5][8] 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."[8] 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.[9]

McGee was involved in negotiations for Lehman with Warren Buffett in March 2008 over a possible investment,[10] and then with the president of Barclays regarding a possible merger in September 2008, shortly before Lehman filed for bankruptcy.[11] McGee joined Barclays Capital as head of Global Investment Banking at the end of that month,[12] and managed the merger of Lehman Brothers' investment bank team into Barclays Capital.[13] He helped Barclays achieve a $3 billion profit in the first quarter of 2009.[9] He reports to Roger Jenkins, chief executive of private equity at Barclays Capital, and he heads the investment banking executive committee.[13] In 2010, McGee noted that the markets were focussing on "plain vanilla" options rather than "esoteric CDOs."[14]

McGee is on the advisory councils of the McCombs School of Business at the University of Texas at Austin,[15] and the Bendheim Center for Finance at Princeton.[16]

Personal life[edit]

McGee has three children with his wife Susie.[17]

In 2009, McGee sent a letter, later leaked to the media, to the board of directors at The Kinkaid School, which his son attended,[18] 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.[19]

References[edit]

  1. ^ Raghavan, Anita (15 September 2008). "Up For Grabs: Lehman's Hot Bankers". Forbes. Retrieved 24 June 2010. 
  2. ^ "Lehman Brothers promotes McGee". E-Quad News. Princeton. 15 (2). Winter 2002–03. Retrieved 24 June 2010. 
  3. ^ "Hugh (Skip) E. McGee III". Barclays Capital. Retrieved 2010-06-20. 
  4. ^ "Lehman gives McGee new role". Financial News. 19 December 2002. Retrieved 24 June 2010. 
  5. ^ a b Wright, William (19 December 2002). "New Lehman investment banking head underlines M&A growth". Financial News. Retrieved 24 June 2010. 
  6. ^ "Energy IPOs: A New Blockbuster on Wall Street". BusinessWeek. 14 May 2001. Retrieved 24 June 2010. 
  7. ^ Mehra, Nina (26 May 2000). "Lehman' Grant Porter relocates to London". Financial News. Retrieved 24 June 2010. 
  8. ^ a b c "Lehman's New Street Smarts". BusinessWeek. 19 January 2004. Retrieved 24 June 2010. 
  9. ^ a b Ward, Vicky (2010). The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers. John Wiley and Sons. ISBN 0470540869. 
  10. ^ 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. 
  11. ^ MacIntosh, Julie (5 October 2008). "Behind the scenes of a collapse". Financial Times. Retrieved 24 June 2010. 
  12. ^ "Lehman's McGee, Donini get senior BarCap roles". Reuters. 26 September 2008. Retrieved 24 June 2010. 
  13. ^ a b Wu, Amy (17 October 2008). "Barclays-Lehman: A progress report". The Deal. Retrieved 24 June 2010. 
  14. ^ Onaran, Yalman (4 March 2010). "JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%". Bloomberg. Retrieved 24 June 2010. 
  15. ^ "Advisory Council Member Biographies". McCombs School of Business. Retrieved 24 June 2010. 
  16. ^ "Bios". The Bendheim Center for Finance. Retrieved 24 June 2010. 
  17. ^ McGee III, Hugh E. (2009-11-11), Re: The Tipping Point (PDF), Dealbreaker.com, retrieved 2011-12-25 
  18. ^ Tolson, Mike (2009-12-07). "Kinkaid letter fans flames over political correctness". Houston Chronicle. Retrieved 2010-06-20. 
  19. ^ Quinn, James (2009-12-02). "Barclays banker Hugh McGee wants son's teacher fired for 'sleazeball' comment". The Daily Telegraph. Retrieved 2011-12-25.