Published on Tuesday, January 24, 2012 by Common Dreams
The Washington-Wall Street Revolving Door Just Keeps Spinning Along
by Bill Moyers and Michael Winship
We’ve already made our choice for the best headline of the year, so far:
"Citigroup Replaces JPMorgan as White House Chief of Staff."
When we saw it on the website Gawker.com we had to smile -- but the smile didn’t last long. There’s simply too much truth in that headline; it says a lot about how Wall Street and Washington have colluded to create the winner-take-all economy that rewards the very few at the expense of everyone else
The story behind it is that Jack Lew is President Obama’s new chief of staff -- arguably the most powerful office in the White House that isn’t shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank’s global lobbying and chief liaison to the White House.
Daley replaced Obama’s first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars.
The new guy, Jack Lew – said by those who know to be a skilled and principled public servant – ran hedge funds and private equity at Citigroup, which means he’s a member of the Wall Street gang, too. His last job was as head of President Obama’s Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at – hold onto your deposit slip -- Citigroup.
Required reading for the 'normalcy bias' set. The US is so far down the road to oligarchic fascism that even a U-turn will be of little use, for the bridges already trod upon have long been burnt. This so transcends the sham 2-party system as to simply render the only remaining choice for the body politic down to the flavour of the poison that it will succumb from.