Wednesday, December 01, 2010

The Revolving Door

Sigh. This is why our government bailed out the banksters and no bigwig responsible for the meltdown will ever go to jail.
Citigroup Inc., recovering from its $45 billion bailout in 2008, is in advanced talks to hire former White House Budget Director Peter Orszag, people with knowledge of the matter said.

Orszag, 41, may take a job in the New York-based firm’s investment-banking division, the people said, declining to be identified because the discussions are private. An announcement may come as early as today, one of the people said.
Treasury Department still owns 11 percent of the bank. So it's all very cozy and one expects Mr. Orzag will receive compensation in keeping with his experience, or shall we say, inside connections to the powers that currently hold the White House.

Also, too, not too difficult to predict which bank might be saved if another worldwide meltdown occurs. Not necessarily such a remote possibility considering the mess in Europe.

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