Obama Appointees Store Up Money for Long Public-service Winter


The sacrifice inherent in jumping from a high-paying job in the private sector to the meager salary of a government post is alleviated only by the knowledge that after a few years, one can transition back to the private sector more influential, more connected, and commanding even more money than before. But those few years in between are going to be a killer, which is why President Obama’s appointees, like their lesser mammalian brethren, are stocking up for the barren winter of public service ahead. SEC chairman Mary L. Schapiro, for example, will be nourished by the $7.2 million she received from the Financial Industry Regulatory Authority upon her departure. Or take Attorney General Eric Holder, whose severance pay of $1.3 million from his former law firm, Covington & Burling, should help him stay warm, and classy. Not all appointees are quite so fortunate, however. Jacob Lew, the deputy secretary of State for Management, will only receive “$250,001 to $500,000 worth of accelerated restricted Citigroup stock.” Sadly, without sufficient insulation against the hardships of government life, he will struggle and, ultimately, perish.

Starting Public-Sector Jobs With Parting Gifts in Hand [WP]