Citigroup Inc named U.S. President Barack Obama’s former budget director as a senior global banking adviser on Thursday, strengthening its ties to high-profile former officials the same week the bailed-out bank finished shrugging off U.S. government ownership.
Peter Orszag, currently a senior fellow at the Council on Foreign Relations, is Citigroup’s second hire of a former senior government official this month. Last week the bank hired Carlos Gutierrez, former Commerce Secretary under President George W. Bush, as a vice chairman for its institutional clients group.
Orszag, who had worked as director of the Office of Management and Budget under President Obama, left the White House in July. He was one of the president’s most prominent advisers and remains well-connected in U.S. political circles.
As a presidential adviser, wouldn’t he have a played an important perhaps critical role in the bailout (TARP)? Would it be likely that he had a role in making sure there has been no prosecution of the crimes committed by the banking sector during the past two years? Wouldn’t etc., etc?
Is this pathetic or what? How long has this deal been in place? Did he always know there was a warm place for him at Citibank? Or was it just part of the expectations of the job? What’s he going to get, 5 mil, 7 mil, not counting stock options, the company car and the other goodies?
What is this? What is this place where the people who are supposed to be protecting us are the employees of banks, apparently on some kind of rest cure in the oval office until returned to duty?
Wasn’t this supposed to be a different kind of Presidency, you know not run by lobbyist? Well, they keep the lobbyists at a comfortable distance – inside the White House.
James Pilant
Pilant's Business Ethics Blog 