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February 26, 2014

Citi Alumni Are Force in Nation's Capital

“While many other banks have faded from view in Washington’s power circles, Citigroup Inc. C -0.15% is becoming more prominent.”

“Several alumni of the bank, which was bailed out by U.S. taxpayers during the financial crisis, hold top jobs in government and at the Federal Reserve—a sign that Citigroup’s reputation is on the mend after the lows touched during the 2008 turmoil. But some lawmakers and advocacy groups are raising concerns that Citi’s newfound favor with government gives it inordinate sway within the Obama administration. The White House declined to comment.”

“At least five former Citigroup officials now hold top jobs in Washington, including Treasury Secretary Jacob Lew, U. S. Trade Representative Michael Froman and the Treasury’s Nathan Sheets, who is awaiting confirmation as undersecretary for international affairs.”

“Stanley Fischer, who was previously a vice chairman at Citigroup, was nominated in February to be the Federal Reserve’s next vice chairman, while Marisa Lago is now Treasury’s assistant secretary for international markets and development.”

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Read full Wall Street Journal article here.

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