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Elizabeth Warren worries about Citigroup’s many government ties

By Muckety

April 30, 2014 at 12:53pm

In a column published by Politico, Sen. Elizabeth Warren expresses her “growing frustration over the concentration of people with ties to the megabank Citigroup in senior government positions.”

The comments come after her reluctant Senate Banking Committee vote supporting Stanley Fischer as vice chairman of the Federal Reserve.

Fischer is one of many former Citigroup execs to be nominated and/or serve in top federal jobs.

The trend, as illustrated by the interactive Muckety map above, didn’t begin with the Obama administration.

As Warren points out: “Three of the last four Treasury secretaries under Democratic presidents have had Citigroup affiliations before or after their Treasury service.”

That would be current Secretary Jacob Lew and former Secretaries Larry Summers and Robert Rubin, who served under Bill Clinton.

While Obama didn’t start the trend, he certainly is investing in it heavily. As our map shows, Treasury Assistant Secretary Marisa Lago and U.S. Trade Representative Michael Froman both have ties to Citigroup.

Nathan Sheets, nominated by Obama in February to be Treasury under secretary, is a Citigroup economist.

As Warren writes: “No one doubts that there are smart, hard-working people at Citigroup and elsewhere in the financial industry…But there is danger anytime the key economic positions in our government fall under the control of a single tight-knit group.”

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1 Comments

  • #1.   John Smith 05.01.2014

    …”But there is danger anytime the key economic positions in our government fall under the control of a single tight-knit group.”

    …makes me wonder if there is so much danger, why didn’t this tight-knit group make sure Citi passed the stress test?

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