Barack Obama pledged to stop the revolving door between government and K Street and Wall Street. He has, of course, done nothing of the sort. The latest Obama appointee to cash out to industry is Obama’s top Wall Street Watchdog, SEC Chairwoman Mary Schapiro, who’s joining the board of multinational industrial conglomerate and finance giant, General Electric.
Few companies are as cozy with the Obama administration as GE. GE is a huge recipient of green-energy subsidies and stimulus grants. GE profits from bailouts, stem-cell subsidies, and rail subsidies. It is one of the biggest recipients of export subsidies. GE CEO Jeff Immelt is Obama’s job czar.
So, it’s natural for Schapiro to jump from the Obama administration to GE. Fittingly, Schapiro previously served on the board of Duke Energy, another Obama-friendly company that lobbies for and profits from green-energy legislation.
The Obama-finance revolving door has been busy. Treasury aide Jake Siewert went to Goldman Sachs, as did WH Counsel Greg Craig. Federal Housing Authority Commissioner David Stevens left for the Mortgage Bankers Association. Budget chief Peter Orszag is at Citi. Deputy White House Chief of Staff Mona Sutphen, now a lobbyist for UBS. Top Treasury Department aide Damon Munchus, who now lobbies for Citigroup and the International Swaps & Derivatives Association, among others. Just to name a few…