Corporate Taxes Are Like Fire in a Theater: Miller

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July 21 (Bloomberg) -- AIG Board Chairman Steve Miller discusses U.S. corporate taxes on “Bloomberg Surveillance.” (Source: Bloomberg)

The idea that the millennials are disillusioned by wall street because of the financial crisis or recession, why doesn't that include pe?

Why wouldn't they be turned off by pe as they are with investment banks?

To be fair, some people got disillusioned with pe after the bubble burst, but it is still an attractive industry.

Millenials are the kind of people that want to be in a position of ownership and running a show, whereas the difference between consulting or investment banking or other service industries like going into law, you're not giving advice.

You actually get to be an owner and you get to run the show, so you get to have a vision for what you want the company to be and realize it rather than standing on the sidelines.

So is pe a pathway to being your own boss or starting your own company?

It definitely could be if you would get to be up -- if you get to be in a position where you run your own fund.

Even if you don't get to be a big way, you have a lot of incident that you have a lot of influence.

I started my career in 1988, i go to merrill lynch, right?

And you stay there a long time.

But that is no longer the way it works, right?

Dodd frank is squeezing the investment banks.

The opportunity is now the small private places.

I had never been an investment banker and it is hard for me to comment.

I have heard the same thing that you have, that it is not quite the gold rush it used to be.

The challenge i have with this analysis is that it is a razor-thin part of millennials.

Whether in the hedge fund community or private equity, these are millennials of prodigious resume and abilities.

That makes a very small part of the public.

Most of them are just lucky to have something coming in.

That is certainly true.

This does tend to be the top of the pile and represents a small number of people.

The industry as a whole is only in the tens of thousands of people, which is a small number.

It happens to be one of those injuries -- one of those industries that people aspire to.

For every person in it, there are 10 who are dreaming of being in it one day.

But pe finance in general are still attracting top-quality talent in terms of millennials.

Talk about the pay in private equity versus that of investment banks.

A bil the world's greatest authority on this, even though i have seen the numbers -- but the leaders are not scrutinizing their pay the way they are at the big investment banks.

The pay at the investment banks is very good, and that at private equity is very very good.

Some people like myself would say it is of certainly good.

But it is not growing like it used to because fees are coming down, and it is not the gold rush of the 1980's or the 1990's. they can go into the gold rush of international relations.

You said on park avenue and 67th, this is a rarefied group, isn't it?

It is not one out of 10 or one out of a hundred, it is one out of 1000. -- do you see a shift here?


I think each generation is less willing to take things on faith and accept the word of the previous one.

They want to be the boss themselves.

My 10-year-old daughter would agree with that.

For those who want to be their own bosses, for private equity in the meantime, what is the most important advice to give people entering private equity?

The most important thing is to do well in your job.

It is a very demanding job that takes a lot of dedication.

But if you stick to it and learn what it has to teach you, you learn investment businesses and more and more you are learning how to run businesses.

That gives you more and more to be an entrepreneur or a high-level executive.

Thank you so much.

He has written a guide for explaining private equity.

John melloy, and gideon rose, thank you so much for your perspective.

Let's do a quick forex report.

I am watching the yen more than anything.


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