When Wal-Mart Stores, Inc. (NASDAQ: WMT) purchased the Asda grocery chain of supermarkets more than nine years ago, many wondered how the world's largest retailer managed to so easily enter a major market. The company lobbied then-Prime Minister Tony Blair on the issue to help its cause -- something that's just now coming to light.

This kind of "behind closed doors" meeting is commonplace before large corporate moves take place, so this is really nothing out of the ordinary. Blair was apparently a fan of "lower prices," although the restrictive planning rules in Britain at the time were severely hampering Wal-Mart's entry into that market.

Cheerio! What to do if you're a 54-year-old former world leader, in good health, with Western sympathies? Days of leading a major country are behind you, but you're not ready to pack it in anytime soon. Link up with a major American corporation, of course! Tony Blair, who served as Great Britain's prime minister from 1997 through June of last year, has agreed to join with JPMorgan Chase (NYSE: JPM) in the role of part-time adviser.

The financial terms of the arrangement weren't disclosed, but one Manhattan recruitment consultant estimated in The Financial Times that Blair's fee would likely be more than $1 million a year (though that sum doesn't go quite as far in pounds these days).

In these turbulent times, it certainly helps to have strategic advisers. Well, today JPMorgan Chase (NYSE: JPM) announced that it has snagged former British Prime Minister Tony Blair as a senior adviser and a member of the international council.

As JPMorgan globalizes, I'm sure Blair will be a good sounding board. Oh, and he should bring along a stellar Rolodex.

No doubt, Blair should get a pay raise; it looks like he will pull down more than $1 million per year (there should also be some nice equity kickers, too).

Keep in mind that this is a part-time gig. But in light of Blair's background, it should be a good deal for JPMorgan.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

MAJOR PAPERS:

• As early as today, The Blackstone Group LP (NYSE: BX) may announce that they are buying the New York hedge fund GSO Capital, reported the Wall Street Journal. Terms were not disclosed.
• The Wall Street Journal also reported that Merrill Lynch & Co Inc (NYSE: MER) could receive a chunk of the $3B to $4B they need from a Middle Eastern government investment fund, while Citigroup Incorporated (NYSE: C) may get as much as $10B from foreign governments.
• JP Morgan Chase & Co (NYSE: JPM) is has hired former British Prime Minister Tony Blair as a part-time adviser to the company, the Financial Times reported.

OTHER PAPERS:

• Time Warner Inc (NYSE: TWX) has made an undisclosed investment in Web-based social community Gaia Online, the New York Post reported. The site, aimed at teenagers, has other investors that include The Walt Disney Company (NYSE: DIS) and Sony Corporation (NYSE: SNE).