CRONY
1st December 2010
Bloomberg reports:
Citigroup Inc., recovering from its $45 billion bailout in 2008, is in advanced talks to hire former White House Budget Director Peter Orszag, people with knowledge of the matter said.
Orszag, 41, may take a job in the New York-based firm’s investment-banking division, the people said, declining to be identified because the discussions are private. An announcement may come as early as today, one of the people said.
Notice that he’s going to take “a job.” It doesn’t tell us what kind of job because it doesn’t really have to. The important thing is that he’s on the payroll. What skills does he bring to the table? He’s a smart guy but one thing he brings is his ability to call people in the White House and the Fed and have them return his call.