Aides to the US treasury secretary who each earned large pay packets working for some of the country's largest investment companies have been advising the administration on its regulatory policy, despite never having faced senate confirmation. None of the aides to Timothy Geithner have faced the public scrutiny given to senate-confirmed appointees, despite earning massive sums from Wall Street firms, nor are they required to testify in US congress to defend or explain the treasury's actions. Geithner's "kitchen cabinet", which wields considerable influence behind the scenes at the treasury department, helped oversee the nation's $700bn banking rescue, as well as helping to draw up executive pay rules and revamp financial regulations.According to financial disclosure forms obtained by the Bloomberg news agency, advisers including Lee Sachs from Mariner Investment Group, and Gene Sperling, from Goldman Sachs, earned hundreds of thousands of dollars last year.
Aides to the US treasury secretary who each earned large pay packets working for some of the country's largest investment companies have been advising the administration on its regulatory policy, despite never having faced senate confirmation.
None of the aides to Timothy Geithner have faced the public scrutiny given to senate-confirmed appointees, despite earning massive sums from Wall Street firms, nor are they required to testify in US congress to defend or explain the treasury's actions.
Geithner's "kitchen cabinet", which wields considerable influence behind the scenes at the treasury department, helped oversee the nation's $700bn banking rescue, as well as helping to draw up executive pay rules and revamp financial regulations.According to financial disclosure forms obtained by the Bloomberg news agency, advisers including Lee Sachs from Mariner Investment Group, and Gene Sperling, from Goldman Sachs, earned hundreds of thousands of dollars last year.
Some of Treasury Secretary Timothy Geithner's closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.... The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies.... Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.... The title of counselor had been generally reserved for those awaiting confirmation. Some of Geithner's aides now work in that capacity, including Lael Brainard, who has been nominated to be undersecretary for international affairs, and Jeffrey Goldstein, the nominee to be undersecretary for domestic finance.... For example, Geithner's deputy, Neal Wolin, was president and chief operating officer for property and casualty operations at insurer Hartford Financial Services Group Inc. in Hartford, Connecticut. Michael Barr, the assistant secretary for financial institutions, was a professor at the University of Michigan Law School.... Geithner's inner circle also includes counselor Lewis Alexander, the former chief economist at Citigroup; Chief of Staff Mark Patterson, who was a lobbyist at Goldman Sachs, and Matthew Kabaker, a deputy assistant secretary who worked at private equity firm Blackstone Group LP. Patterson's and Kabaker's jobs did not require confirmation. One counselor who doesn't have a finance background is Jake Siewert, a press secretary for President Bill Clinton who came to the Treasury after working as a vice president at New York- based Alcoa Inc., the largest U.S. aluminum producer....
The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies....
Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund....
The title of counselor had been generally reserved for those awaiting confirmation. Some of Geithner's aides now work in that capacity, including Lael Brainard, who has been nominated to be undersecretary for international affairs, and Jeffrey Goldstein, the nominee to be undersecretary for domestic finance....
For example, Geithner's deputy, Neal Wolin, was president and chief operating officer for property and casualty operations at insurer Hartford Financial Services Group Inc. in Hartford, Connecticut. Michael Barr, the assistant secretary for financial institutions, was a professor at the University of Michigan Law School....
Geithner's inner circle also includes counselor Lewis Alexander, the former chief economist at Citigroup; Chief of Staff Mark Patterson, who was a lobbyist at Goldman Sachs, and Matthew Kabaker, a deputy assistant secretary who worked at private equity firm Blackstone Group LP. Patterson's and Kabaker's jobs did not require confirmation.
One counselor who doesn't have a finance background is Jake Siewert, a press secretary for President Bill Clinton who came to the Treasury after working as a vice president at New York- based Alcoa Inc., the largest U.S. aluminum producer....
Al Jazeer was a little short on um copy. Diversity is the key to economic and political evolution.
