January 26, 2012
Rahm Emanuel was President Obama’s original Chief of Staff. Many said he got the job because he and Obama were friends and had a long relationship. Maybe. But the fact is Emanuel came from the banking system; just like his replacement and the replacement’s replacement.
Emanuel worked for Wasserstein & Company, an investment bank with offices in New York and California. His replacement, Bill Daley, came from JPMorgan Chase. Now he’s been replaced by Jack Lew. Want to take a guess at what industry Lew came from? Yep; Citigroup, one of the leading banks that ripped off American taxpayers, with Lew’s help.
Although Lew’s position was Director of the United States Office of Management and Budget (OBM) prior to taking the Chief of Staff job, he was the COO of Citigroup’s Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund “that bet on the housing market to collapse”.
Gawker.com worded the latest switch “Citigroup Replaces JP Morgan as White House Chief of Staff”. But they could have said “Investment Bank Wasserstein & Company Replaced By Citigroup Who Was Replaced By JP Morgan as White House Chief of Staff”. The bottom line is that the banking system has had a direct contact in the Obama White House throughout Obama’s tenure.
Bill Moyers and Michael Winship talks about all this in The Ever-Revolving Revolving Door. But that’s been the unspoken rule for elected and appointed government officials now for more than 20 years: “A position to build my resume to be sold to the highest bidder upon my departure”.