The latest revolving door example from DC: Jacob Lew, deputy secretary of state (confirmed by the U.S. Senate on January 28, 2009), made made $1.1 million at Citigroup in 2008. However, he also received a bonus of more than $900,000 from Citigroup Inc. last year, after Citi’s taxpayer bail-out.
Earlier this month, President Obama nominated Lew to be director of the Office of Management and Budget. The OMB Director is “the President’s top aide in charge of overseeing the budget for the entire Federal government.” Here’s the White House defense:
“Jack Lew has dedicated two decades to public service,” White House spokeswoman Moira Mack wrote in an e-mail to The Times. “He has served with distinction in two Administrations and in Congress, and has precisely the kind of experience we need at OMB at this critical juncture.”
Lew was OMB director in the Clinton administration
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