This story has been flying under the radar for a few days, and it’s time to haul it up into brighter light.

What a racket — get a government gig, use billions (about $45 billion to be exact) of taxpayer dollars to save a bank, and then get a cushy job with that bank.

They told us only Republicans did this stuff:

On Thursday, Peter R. Orszag, President Obama’s first budget director and a protégé of Mr. Rubin, followed in his mentor’s footsteps and joined Citi’s investment banking group as a vice chairman.

Mr. Orszag, 41, is the second cabinet official to join Citi this month, and his appointment comes days after the Treasury Department’s $10.5 billion stock offering helped further extricate the bailed out bank from Washington.
[...]
Such a job typically pays at least $2 million to $3 million, according to bankers.

Somehow this is perfectly legal? Way to go on the Wall Street Reform, Mr. President.

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Comments

6 Responses to “Peter Orszag Just Got the Best Job Your Money Could Buy”

  1. ken on December 15th, 2010 1:28 pm

    Looks like Obama is putting many irons in the fire so when he gets his butt kicked in 2012 he'll start looking up these people like good old boy Orszag for a job

  2. SignPainterGuy on December 15th, 2010 2:06 pm

    It IS the "Chicago on the Potomac " way !

  3. Marshall_Will on December 15th, 2010 2:22 pm

    All part of the New Normal ( It Sucks To Be Poor! ) mantra. I just want to be up front here, my criticisms of Robert Rubin ( Orszag's "mentor" ) have nothing to do w/ his religious upbringing. Lots of Jews work on Wall Street and none will ever rise to Mr. Rubin's level of kleptocracy 'achievement' !
    http://www.marketwatch.com/story/the-10-most-unet

    Near as Bubble-bloggers can figure, his total compensation during his tenure w/ Citi is in the nabe of $300 mil. I don't have a 'problem' w/ that either! Here's where I 'do'. Much of that compensation was based on bonuses from the now clearly laughable "Credit Default Swaps" desk. Which we all know turned out to be a total BUST!

    Guys, in the industry, these are called "wooden tickets" ( as in wooden nickel ) Commissions PAID on trades that are 'busted' are backed out. Meaning NO compensation should have been paid.

  4. Adam on December 15th, 2010 2:52 pm

    I'm so happy for him! I'm glad he could catch a break like that. I mean, let's face it, he was barely getting by with his wages and benefits during his stint in the Obama administration (I heard he was living in an efficiency apartment in a bad part of town living off cold canned ravioli). The american dream lives!

  5. Marshall_Will on December 15th, 2010 3:45 pm

    Adam,

    You're right, the American Dream (TM) is alive and well, it's just that Swamp Creatures are finding the rest of us laughably uninformed and ill-prepared?

    You -can- attain the AD ( it's just that we've added an add'l 'step' ) The path, while still including going to the 'right' schools, marrying the 'right' gal ( guy? ) and applying… yourself are still part of the formula!…

    … However, now, unlesss you're politically connected, you're going NOWHERE! It's almost completely closed off. I doubt there'll be any more Gates/Buffets and 'this' ( not the "Bush Tax Cuts" ) is what's -really- supressing "innovation".

  6. Joyanna Adams on December 15th, 2010 7:38 pm

    I say we send Hillary back to Wal-Mart.

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