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 Obamaâ€™s first budget director and a protÃ©gÃ© of Mr. Rubin, followed in his mentorâ€™s footsteps and joined Citiâ€™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 Departmentâ€™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.