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Villaraigosa Hires Financial Big Wig to be L.A.'s Economic Czar for $1/Year

Photo via Mayor's Office
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Yesterday, Mayor Antonio Villaraigosa announced a new player in his office who will focus on revamping and retooling Los Angeles' ways in economic development, business attraction and retention and job creation. Austin Beutner, founder of the private equity firm Evercore Partners and former partner at the large investment firm, the Blackstone Group, will become the city's first Deputy Mayor and Chief Executive for Economic and Business Policy, reporting directly to the Mayor and earning $1, yes $1, a year.“Austin Beutner will bring an unprecedented level of experience to this newly created and empowered position and I have tasked him with fixing our approach to economic development and business policy to make LA more business friendly and job creation much easier,” Villaraigosa said. “It’s a big task but I am confident Austin is up to the job.”