Opinion

Felix Salmon

Treasury Bleg

By Reuters Staff
March 24, 2009

Ezra Klein quotes a distraught commenter, in the wake of the news about Treasury’s latest nominations:

There’s no one in the top tier of Treasury who’s ever spent a day working on Wall Street. That’s amazing.

How rare is this, really? Obviously there was Wall Street experience in the Rubin and Paulson years. But in the Summers and O’Neill and Snow years, how many of the top-tier technocrats had Wall Street experience? Robert Steel doesn’t count: he only ever worked for Paulson.

Remember, pace Wolin, the soon-to-be deputy Treasury secretary, that working at a Wall Street law firm or a big insurance company doesn’t count: the commenter clearly thinks that it’s experience at a bank which really matters. (And not the Federal Reserve, either, or Geithner himself would count.)

Reprinted from Portfolio.com

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