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March 22, 2013

Windfalls for Wall Street Executives Taking Jobs in Government

“People usually say they go into government to perform public service. If they came from Wall Street, however, their former employers often provide another service.

“Banks, including JPMorgan ChaseGoldman Sachs and Morgan Stanley, all have provisions that allow acceleration of payments owed to senior executives if they take government jobs, a new study finds.

“Such a benefit was highlighted recently during the confirmation hearing for Jacob J. Lew as Treasury secretary. His previous employer, Citigroup, had guaranteed him preferential financial treatment if he were to leave to take a job in the government. When Mr. Lew left Citigroup he held stock that he could not immediately cash worth as much as $500,000, according to a government filing.”

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Read full New York Times article here

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