October 17th - Atlanta w/ David Lee and Robert Bryant

The financial crisis that has threatened to freeze the credit industry in America isn’t only affecting those who work in finance in New York City. Other large banking communities like Charlotte and Atlanta have seen their economies suffer, or are on precipice of a malfunction.

When I visited Charlotte a few weeks ago many of my unpublished interviews bemoaned the consequences of Wells-Fargo buyout on east coast super bank, and citywide employer, Wachovia. From construction workers concerned about completing the Wachovia tower, to fresh-faced executives hoping to hang on, the city was bogged down by anxiety.

Atlanta, home to several banks including SunTrust, is now bracing for the full impact of the financial crisis. I met two employees from a local private equity firm who gave me insight into just how powerful a financial problem America is currently facing.

David Lee originally from New Jersey and schooled at nearby Emory University said, “It got so bad, I started watching CNBC instead of SportsCenter when I got home from work,” Lee said. “And to be honest, that was kinda weird.”

But for Lee, 31, the crisis has brought to the forefront a visible and concerning lack of leadership and intelligence in congressional leaders. According to Lee, Nancy Pelosi and Barney Frank gave him “zero” reason to feel more confident in the economy and was in his opinion another partisan attack at a time when bi-partisanship was critical to finding appropriate solutions.

David Lee and Robert Bryant in Atlanta on October 17th, 2008

What makes Lee and his co-worker, 32-year-old Robert Bryant (originally from Rocky Mount, North Carolina) feel more comfortable, even confident, is the experience and intelligence of Treasury Secretary Hank Paulson.

“That guy is gonna run the show like it’s a private equity fund and make money out of each of the deal he puts together.” Bryant said. “Look at what he has been able to do with AIG.”

Still the duo are gloomier when talk turns to the prospect of American’s curbing their spending habit. The duo sees a materialistic consumer culture  they believe is being propped up on high credit card debt. And where do these two believe you can witness this wealth speculation? You got it. Atlanta.

“When I look at the fundamentals of the economy, it is just terrifying,” Bryant said. “But here in Atlanta we have lots of new money and people living flashy lifestyles off their credit cards. It’s in places like here that the next bubble is going to burst and when it does people are to default on their credit card debt.”

Beyond their evening position as financial prognosticators the pair was insistent that their roles in private equity would eventually be part of the solution. In their opinion the profit driven streamlining effect of private equity can exert will work to benefit companies in need, even public companies.

So which candidate are Lee and Bryant supporting? They don’t know. But they emphatically agree on one thing - they hate taxes.

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