Robinson Gets Investment Banking Job

Former Assemblyman Richard Robinson, who stayed on the Assembly payroll as a legislative aide after his term as a lawmaker expired in December, has taken a high-level job with a Wall Street investment banking firm.

Robinson has joined Bear, Stearns & Co. as manager of the public finance division in the firm’s western regional office in Century City, where he will run the operation and try to drum up new business for the department, which underwrites government bond issues.

Previously, the Democrat from Garden Grove, who gave up his legislative seat in an unsuccessful bid for Congress, had been working for Assemblyman Phillip Isenberg of Sacramento, a new member of the Assembly Democrats’ leadership team. He was paid $18,921 from January until the end of April--$4,444 a month plus vacation--to advise Isenberg, mainly on parliamentary procedure.

Says He Had No Connection

Robinson, who was chairman of the Assembly Public Investments, Finance and Bonded Indebtedness Committee, said he had no connection with the investment banking firm during his six terms in the Assembly. Although he received many thousands of dollars in campaign contributions from banks and investment banking companies while in office, recent state and federal campaign disclosure reports show none from Bear, Stearns. Robinson “I had no dealings with Bear, Stearns, not ever,” said Robinson, 44. “I knew it to be a reputable firm. I did have dealings with other firms. I was recruited by Bear, Stearns.”

Joseph M. Giglio, a managing director of the Wall Street-based firm, said that hiring Robinson was his idea. Giglio said he had been looking for a “senior person” to run the company’s Los Angeles office for about nine months. He added that he does not like to use executive search firms and had tired of interviewing managers from other New York City investment banking companies who were willing to switch firms, because “they don’t have any loyalty.”

“This was solely a Joseph M. Giglio idea,” Giglio said. “I called him and said, ‘You don’t know me, I don’t know you. I’ve read about you, I’ve heard about you.’ ”

Giglio said he had heard of Robinson because of his job as chairman of the investments committee and his introduction of legislation affecting the industry. He said he didn’t know the former lawmaker personally.

“I did not know what legislative district he represented and couldn’t give a damn,” said Giglio, adding that he met with Robinson at least twice before deciding he was the right person for the job.

Giglio said Robinson will manage an office with seven investment bankers, and he will begin to take over existing accounts in the office. He will also be responsible for expanding the company’s business, which involves acting as middleman between the government, which sells bonds as a way of borrowing money, and investors, who buy the bonds. Giglio declined to discuss Robinson’s salary other than to say it was “competitive.”

“Clearly, west of the Hudson River, west of the Mississippi, there’s an awful lot of business, and you’ve got to be a player in a number of states,” Giglio said. “We had seven bankers in California, and we really needed a person to provide some direction.”

Also an Associate Director

Robinson took the job, which also includes the position of an associate director of the company, on May 26. He left Isenberg’s staff April 30.

Robinson gave up his Assembly seat to run against Rep. Robert K. Dornan (R-Garden Grove) but was soundly defeated by the fiery conservative in November, 1986.

While on Isenberg’s staff this year, Robinson advised the assistant Assembly speaker pro tem on many issues, mostly involving parliamentary procedure. During his tenure in elective office, Robinson gained a reputation as a shrewd legislator who knew how to use the rules to defeat or pass bills.

Isenberg said Robinson’s main contribution was to help devise ways to start Assembly meetings quicker. He said the strategy, which involves taking care of housekeeping matters before a full quorum is present, has probably saved the Assembly 50 hours during the first half of 1987.