If you read the news today then this is probably of no surprise as everyone is looking for the money and have to save and get more of it. As was noted in a prior post it was a toss up between 2 very different individuals for the selection of the chairman to run the program. 
California's Stem Cell Agency Board Faces Decision to Choose Between An Investment Banker Or a Cardiologist To Run the CIRM
Frank Litvack, a Los Angeles cardiologist who has held academic appointments at Cedars-Sinai Medical Center and the University of California–Los Angeles was the other top running candidate, who according to news reports would have take a much smaller salary by comparison. In addition there was also some added discussion on whether or not the position should be full or part time, based on how the former chairman, Robert Klein’s performance as the chairman. BD
LOS ANGELES — An investment banker with an interest in biology has been chosen to be the new chairman of California’s $3 billion stem cell research program, taking over at a time when the state’s fiscal crisis could jeopardize financing for the effort.
The banker, Jonathan Thomas, replaces Robert N. Klein, who has run the program since voters established it through a 2004 ballot initiative that Mr. Klein helped write and finance. Mr. Klein, a real estate developer, is credited with getting the program up and running, but his hands-on management style had spurred controversy in recent years.
Mr. Thomas, a founding partner of Saybrook Capital in Santa Monica, Calif., was elected by a 14-11 vote of the program’s board Wednesday night over Dr. Frank Litvack, a Los Angeles cardiologist and medical device entrepreneur.
Investment banking is the traditional aspect of investment banks that involves helping customers raise funds in the capital markets and advise them on mergers and acquisitions, which differs from commercial banking as investment banks don't accept deposits neither do they grant retail loans.
ReplyDeleteThanks.