January/February 2010 Issue

The Bankers on Obama’s Team

The latest round of Wall Street muckety-mucks now in charge of regulation.

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


GOLDMAN SACHS CEO turned Treasury Secretary Hank Paulson wasn’t the first, or the last, to use the revolving door between Wall Street and Washington. Here’s a short list of Obama officials who got their start in the private sector—many, like Paulson, at “Government Sachs.”

OFFICIAL

CURRENT ROLE IN WASHINGTON

PREVIOUS ROLE ON WALL STREET

Neal Wolin

Deputy secretary of the treasury (Tim Geithner’s No. 2)

Exec at one of the largest insurance and investment firms

Mark Patterson

Treasury secretary’s chief of staff

Goldman Sachs lobbyist

Gene Sperling

Counselor to the treasury secretary

Made nearly $900,000 advising Goldman Sachs

Larry Summers

Obama’s chief economic adviser

Made $5 million as managing director of a hedge fund

Rahm Emanuel

White House chief of staff

Made $16 million as a partner at a Chicago investment bank

Herbert Allison

Assistant secretary of the treasury (oversees TARP)

Longtime exec at Merrill Lynch; headed Fannie Mae

Kim Wallace

Assistant secretary of the treasury for legislative affairs

Managing director at Barclays Capital and Lehman Brothers

Karthik Ramanathan

Acting assistant treasury secretary for financial markets

Foreign exchange dealer at Goldman Sachs

Matthew Kabaker

Deputy assistant secretary of the treasury

Made $5.8 million at the Blackstone Group in 2008-2009

Lewis Alexander

Counselor to the treasury secretary

Chief economist at Citigroup; paid $2.4 million in 2008-2009

Adam Storch

Managing executive of the SEC’s Division of Enforcement

VP of Goldman Sachs’ Business Intelligence Group

Lee Sachs

Counselor to the treasury secretary

Made more than $3 million at a New York hedge fund

Gary Gensler

Chairman of Commodity Futures Trading Commission

18 years at Goldman Sachs, where he made partner

Michael Froman

Deputy assistant to Obama, deputy nat’l security adviser

Managing director of a Citigroup investment arm

This chart is part of Mother Jones’ coverage of the financial crisis, one year later.

WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

The upshot: Being able to rally $253,000 in donations over these next few weeks is vitally important simply because it is the number that keeps us right on track, helping make sure we don't end up with a bigger gap than can be filled again, helping us avoid any significant (and knowable) cash-flow crunches for now. We used to be more nonchalant about coming up short this time of year, thinking we can make it by the time June rolls around. Not anymore.

Because the in-depth journalism on underreported beats and unique perspectives on the daily news you turn to Mother Jones for is only possible because readers fund us. Corporations and powerful people with deep pockets will never sustain the type of journalism we exist to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we need readers to show up for us big time—again.

Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

If you can right now, please support the journalism you get from Mother Jones with a donation at whatever amount works for you. And please do it now, before you move on to whatever you're about to do next and think maybe you'll get to it later, because every gift matters and we really need to see a strong response if we're going to raise the $253,000 we need in less than three weeks.

payment methods

WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

The upshot: Being able to rally $253,000 in donations over these next few weeks is vitally important simply because it is the number that keeps us right on track, helping make sure we don't end up with a bigger gap than can be filled again, helping us avoid any significant (and knowable) cash-flow crunches for now. We used to be more nonchalant about coming up short this time of year, thinking we can make it by the time June rolls around. Not anymore.

Because the in-depth journalism on underreported beats and unique perspectives on the daily news you turn to Mother Jones for is only possible because readers fund us. Corporations and powerful people with deep pockets will never sustain the type of journalism we exist to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we need readers to show up for us big time—again.

Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

If you can right now, please support the journalism you get from Mother Jones with a donation at whatever amount works for you. And please do it now, before you move on to whatever you're about to do next and think maybe you'll get to it later, because every gift matters and we really need to see a strong response if we're going to raise the $253,000 we need in less than three weeks.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate