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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Thu Dec 30, 2010 7:16 am Post subject: Tony Of Arabia, Orszag and the revolving door |
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http://www.businessinsider.com/tony-blair-kuwait-consulting-fees-2010-12#ixzz19bled9WG
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Tony Of Arabia Earns $43M As Advisor To Kuwait, While Getting Paid By Morgan Stanley And The UN
Last night it was claimed by Kuwaiti sources that the former PM was paid $42.5 million this year for advising the government, according to Daily Mail. His firm Tony Blair Associates prepared a report called "Kuwait 2035" earlier this year.
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Now lets run over a few other consulting gigs nabbed by Tony Blair. First, he earned $640,000 last year as the UN peace envoy to the Middle East, paid primarily by British tax payers.
Second he was hired in 2008 as a consultant to Morgan Stanley, worth $3.2 million a year. Third he earned $800,000 a year as a consultant to Zurich, a Swiss company, according to The Times Of London.
Then there's speaking fees, worth as much as $500,000 an outing.
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http://dealbook.nytimes.com/2010/12/09/ex-white-house-budget-director-joins-citigroup
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It is the elephant in the room of White House grand bargains: after building a reputation and Rolodex in politics, the wise man moves on � or in many cases, back � to the financial industry to make a killing.
A decade ago, a former Treasury secretary, Robert E. Rubin, left the Clinton administration to become a senior adviser and board member at Citigroup � collecting a $10 million a year paycheck with no management responsibility.
On Thursday, Peter R. Orszag, President Obama�s first budget director and a prot�g� of Mr. Rubin, followed in his mentor�s footsteps and joined Citi�s investment banking group as a vice chairman.
Mr. Orszag, 41, is the second cabinet official to join Citi this month, and his appointment comes days after the Treasury Department�s $10.5 billion stock offering helped further extricate the bailed out bank from Washington.
Last week, Carlos Gutierrez, a former commerce secretary under President George W. Bush, was named to a similar post. |
Should there be a prohibition on political leaders and other important members of government entering the public sector? |
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excaza
Joined: 27 Aug 2010
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| Posted: Thu Dec 30, 2010 7:21 am Post subject: Re: Tony Of Arabia, Orszag and the revolving door |
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| mises wrote: |
| Should there be a prohibition on political leaders and other important members of government entering the public sector? |
Why? If they remained part of the government, sure. But they're private citizens, they can go work wherever they want. Presidential advising and other similar positions are, by definition, temporary jobs. What are they supposed to do after? Remember, they were appointed to their advising positions because they (hopefully) are good at what they do, and what better resume builder than 'advised the president?'
Whether or not the money being paid to them is excessive is a different issue, and really doesn't have a bearing (in general) on whether or not they were once employed by the government, it's just a staple of being a corporate bigwig. They would likely be paid a similarly ludicrous amount if they hadn't been in government work prior. |
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rollo
Joined: 10 May 2006
Location: China
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| Posted: Fri Dec 31, 2010 1:05 am Post subject: |
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Yes it is unethical but not illegal. Shroeder former chancellor of Germany took a job with a Russian oil firm after leaving office the same firm that he had signed a huge deal with when he was in office.
Or Chretien of Canada who represented Hydro Quebec while Prime Minister helping it to get a huge contract on the building of the three gorges dam. he was paid a finders fee according to the Chinese government. Whether Hydro Quebec paid him, they have not made that information public. So it is not just the U.s.
But it is worse in the U.S. defense industry. the generals in charge of procurement almost always end up working for the contractors. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Dec 31, 2010 8:01 am Post subject: |
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When government officials are able to become very wealthy due to their contacts and experiences then public service is devalued.
Nassim Taleb accuses Robert Rubin of the greatest (legal) theft in history. He worked to destroy financial regulation and promptly entered the industry and made a hundred million pronto. Watch Larry Summers and Timmy do the same. |
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