THE REVOLVING DOOR: 29 People Who Went From Wall Street To Washington To Wall Street

31.07.2011

The list of Wall Streeters who have ended up with government jobs, and vice versa, is long.

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Some would argue that the incestuous nature of the relationship and the revolving door between Washington and downtown Manhattan is dangerous.

Others are glad to have people in the Capitol making decisions about the economy who have actually been involved in it practically.

The Wall Street-to-Washington-and-back revolving door has been swinging at least since 1934 (when Joseph Kennedy was appointed Chairman of the SEC by President Roosevelt, after a successful career on Wall Street), and it’s still going.

In just the last couple of months, the government has found appointees on the Street and banks have pulled new employees from the SEC and the Fed.

To give you a better idea of the swarm of people who have served time on Wall Street and K Street or Pennsylvania Avenue, or all three, we rounded up a few of our favorites and some of the newest converts.

Joseph Kennedy

On Wall Street: President of the Columbia Trust Bank; employee of stock brokerage firm Hayden, Stone & Co; independent investor

For the government: First Chairman of the SEC; Ambassador to Great Britain

Martin Feldstein

For the government: Served as President and Chief Executive Officer of the NBER; chairman of the Council of Economic Advisers and chief economic advisor to President Ronald Reagan.

On Wall Street: Sat on boards of AIG Financial Products and JPMorgan

Back to the government: Board member of President’s Economic Recovery Advisory Board.

Robert Rubin

On Wall Street: Chairman and COO of Goldman Sachs

For the Government: Secretary of Treasury under Bill Clinton

Back on Wall Street: Vice Chairman of Citigroup, Special Limited Partner with Insight Venture Partners

Laura Tyson

On Wall Street: Board director of Stanley Morgan

For the government: Chair of the US President’s Council of Economic Advisers during the Clinton Administration. She also served as Director of the National Economic Council.

Hank Paulson

On Wall Street: Goldman Sachs CEO

For the government: Secretary of Treasury under George W. Bush and President Obama

Carlos Gutierrez

For the government: George W. Bush’s Commerce Secretary

On Wall Street:: Vice Chairman of Cit’s Institutional Clients Group

Faryar Shirzad

For the government: On the staff of the National Security Council at the White House; special assistant to the President for International Economic Affairs; deputy assistant to the President and deputy national security advisor for International Economic Affairs under George W. Bush

On Wall Street: Vice President and Director of International Public Policy at Goldman Sachs

Larry Summers

For the government: Director of the White House National Economic Council for President Barack Obama, Secretary of the Treasury under Obama

On Wall Street: Paid keynote speaker at banks including Goldman and JP Morgan; will be keynote speaker at annual Alpha Hedge Bermuda Global Hedge Fund Summit; consultant to hedge funds including D.E Shaw.

David Markowitz

For the government: SEC Assistant Regional Director; Staffer on New York Attorney General Andrew Cuomo’s team

On Wall Street: Associate General Counsel and a senior member of the litigation and regulatory proceedings group at Goldman Sachs

Mark Patterson

On Wall Street: Chief Goldman Sachs lobbyist

For the government: Chief of Staff in Obama’s Treasury Department.

Lewis Sachs

For the government: Former NY Federal Reserve Advisor (and a longtime friend of Tim Geithner)

On Wall Street: Partner at Mariner Investment Group, a holding group for various hedge funds

Back to the government: Senior Economic Adviser to President Obama

Daniel Zelikow

On Wall Street: Managing Director in the Government Institutions Group within J.P. Morgan’s Investment Bank.

For the government: Various senior roles within the U.S. Department of the Treasury under President Clinton, including Deputy Assistant Secretary for Asia, the Americas and Africa; headed task force that oversaw $20 billion emergency financing program for Mexico in 1995 (and is one of Tim Geithner’s oldest and dearest friends)

Gary Gensler

On Wall Street: Senior Partner and Co-Head of Finance at Goldman Sachs

For the government: Head of the Commodity Futures Trading Commission

Michael Froman

On Wall Street: COO at Citigroup Alternative Investments

For the government: Deputy Assistant to the President and Deputy National Security Adviser for International Economic Affairs in the Obama Administration

Jacob Lew

For the government: Special Assistant to the President under President Clinton

On Wall Street: COO of Citigroup Alternative Investments

Back to the government: Director of the United States Office of Management and Budget

William Dudley

On Wall Street: Chief Economist, managing director and partner of Goldman Sachs

For the government: President and CEO of the New York Federal Reserve

Josh Bolten

On Wall Street: Executive Director for Legal and Government Affairs at Goldman Sachs

For the government: Bush Chief of Staff, Director of Office of Management and Budget, Deputy Chief of Staff for Policy at the White House, policy director for the 2000 George W. Bush Presidential campaign.

Steve Friedman

On Wall Street:  Chairman of Goldman Sachs

For the government: Bush chief economic adviser, New York Fed Chairman

Robert Steel

On Wall Street: Goldman Sachs Vice-Chairman

For the government: Bush treasury under-secretary

Roger Altman

On Wall Street: Partner at Lehman Brothers

For the government: Assistant Secretary of the Treasury

Back on Wall Street: Co-Head of investment banking at Lehman Brothers, Vice-Chairman and head of M&A at Blackstone

Back in the government: Clinton deputy Treasury Secretary

Back on Wall Street: Blackstone, founded Evercore Partners and is now its Chairman

Back in the government: Advised John Kerry in 2004 and Hillary Clinton in 2008.

Peter Orszag

For the government: White House Budget Director

On Wall Street: Vice Chairman of Citi’s Investment Bank

Phil Gramm

For the government: Senator for Texas, Democratic Congressman, Republican Congressman.

On Wall Street: UBS Vice-Chairman

For the government again: Senior economic adviser to John McCain’s presidential campaign

Theo Lubke

For the government: Chairman of the New York Fed

On Wall Street: Chief Regulatory Reform officer at Goldman Sachs

Rahm Emanuel

On Wall Street: Managing Director at Wasserstein Perella

For the government: Chief of Staff under Obama, Clinton White House Senior Adviser, Mayor-elect of Chicago

Bill Daley

For the government: U.S. Secretary of Commerce under President Clinton

On Wall Street: Midwest Chairman at JP Morgan

Back to the government: White House Chief of Staff under President Obama

Neel Kashkari

On Wall Street: Vice President at Goldman Sachs

For the government: Special assistant to Treasury Secretary Henry Paulson; led the Office of Financial Stability, and helped set up TARP.

Back on Wall Street: Managing Director in charge of new investment initiatives at PIMCO

Alexander Friedman

For the government: Worked in the Department of Defense under Bill Clinton

On Wall Street:  Managed private investment vehicle, Asymmetry LLC; senior advisor to Lazard Freres; Chief Investment Officer at UBS

Mona Sutphen

For the government: Obama’s Deputy Chief of Staff

On Wall Street: She’s just been hried to head up macro analysis for the bank at UBS

Neal Wolin

For the government: Clinton Treasury general counsel, staff of National Security Council

On Wall Street: Executive vice president and general counsel at Hartford Financial

For the government again: United States Deputy Treasury Secretary under Obama

http://www.businessinsider.com/wall-street-washington-revolving-door-2011-4#

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