Meet the Prez: Obama taps LPL official for Treasury post
A board member of LPL Investment Holdings Inc. is going to work for the Obama administration as one of the president's top financial advisers.
A board member of LPL Investment Holdings Inc. is going to work for the Obama administration as one of the president’s top financial advisers.
The Boston-based firm, which is the parent company of LPL Financial and other independent broker-dealers, said in a filing with the Securities and Exchange Commission that Jeffrey Goldstein will work as the undersecretary for domestic finance at the Department of the Treasury.
He resigned last Friday from the company’s board of directors, two days after President Obama tapped him for the position.
Mr. Goldstein, a managing director in the New York office of private-equity firm Hellman & Friedman LLC, has experience working in the field of economic policy. According to his biography on Hellman & Friedman’s website, before he joined the firm in 2004, he was managing director, chief financial officer and a member of the management committee of The World Bank in Washington.
Mr. Goldstein, who also was chairman of the board’s audit committee, was replaced on LPL’s board by Erik Ragatz. Mr. Ragatz also was named as interim chairman of the audit committee.
Like Mr. Goldstein, Mr. Ragatz is a managing director with Hellman & Friedman.
Hellman & Friedman of San Francisco, along with TPG of Fort Worth, Texas, bought a 60% stake in LPL in 2005. LPL Investment Holdings has more than 12,000 independent-contractor reps and advisers. In 2008, the firm reported $3.1 billion in gross revenue.
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