John Phelan, co-managing partner and co-founder of MSD Capital LP, speaks during the Bloomberg Hedge Funds Summit in New York, U.S., on Tuesday, June 4, 2013. The Bloomberg Hedge Funds Summit convenes managers and investors to examine a range of alternative investments, as hedge funds, real estate, credit and private equity make the jump into the mainstream, attracting new classes of investors looking for returns unavailable in traditional markets.
Donald Trump 34 mins ago

Trump picks John Phelan, a businessman with no military experience, to be secretary of the Navy

President-elect Donald Trump has chosen John Phelan, a businessman and investor with no military experience, to become the next secretary of the Navy.

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