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.