By: The FT

December 14, 2020

From a certain point of view, Doug Band, who started out in Washington as a lowly personal assistant and last week quit the 800-person company he built from scratch, is living proof that America rewards big dreams and hard work.

But because Mr Band’s early work was in government, the fortune he earned from setting up corporate advisory firm Teneo is also an advertisement for a spoils system that is less appealing than free enterprise.

Mr Band’s resignation came a week after the publication of a magazine profile in which he spilled details of his broken relationship with former president Bill Clinton, whom he served as a personal aide in the White House.