Orszag Walking the Well-Trodden Path from Washington to Wall Street

In a move that no one should probably find surprising, former Obama administration Office of Management and Budget Director Peter Orszag may be joining banking behemoth Citigroup. The move from Washington to Wall Street become incredibly common over the past few decades, though it's kind of amusing to see this road continue to be taken, even by former Obama administration insiders. Francesco Guerrera of the Financial Times provides the news:

Citigroup, in which the US government owns an 11 per cent stake, is close to hiring Peter Orszag, the former budget director in Barack Obama's administration, according to people familiar with the situation.

Mr Orszag, a protege of Robert Rubin, a former US Treasury Secretary and Citi director, is in advanced discussions to take a senior role at the bank' securities unit.

Since the U.S. still owns a significant portion of Citi, in a sense, he'll still be working for the American people. He'll just be paid a whole lot more for what's sure to be a far less grueling job.

Read the full story at the Financial Times.

Presented by

Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.

The Blacksmith: A Short Film About Art Forged From Metal

"I'm exploiting the maximum of what you can ask a piece of metal to do."

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Video

Carrot: A Pitch-Perfect Satire of Tech

"It's not just a vegetable. It's what a vegetable should be."

Video

An Ingenious 360-Degree Time-Lapse

Watch the world become a cartoonishly small playground

Video

The Benefits of Living Alone on a Mountain

"You really have to love solitary time by yourself."

Video

The Rise of the Cat Tattoo

How a Brooklyn tattoo artist popularized the "cattoo"

More in Business

Just In