Monday, April 21, 2014

Clinton's PEU Staff Pushed Dropping Glass Steagall

Three close advisors to President Bill Clinton pushed repeal of Glass Steagall in the 1990's.  They are:

Bo Cutter
Gene Sperling
John Podesta

This trio is in addition to Larry Summers and Robert Rubin.  Former Co-Chairman of Goldman Sachs Robert Rubin went on to work for CitiGroup before joining PEU Centerview Partners as Counselor.

Bo Cutter left the Clinton team to work for PEU Warburg Pincus from 1996 to 2009.   Gene Sperling made good money working for the PEU boys in 2008:

Goldman Sachs paid Sperling $887,727 for his advice in 2008, according to Bloomberg News' analysis of financial disclosure forms. 

It was a lucrative year for Sperling. During that time he also earned $250,000 for giving briefings to two hedge funds, Brevan Howard Asset Management and Sterling Stamos Capital Management. He also earned $480,051 as director of the Philadelphia Stock Exchange. During October 2007, he was paid to speak at an event sponsored by Citigroup.
John Podesta founded the Center for American Progress.  His lobbying brother Tony and sister in law Heather made out like bandits from the Podesta insider connections.  Tony's firm earned $27.2 million in lobbying fees in 2013, while Heather grossed $7.6 million.

Clinton White House political affairs director Rahm Emanuel made his PEU haul after leaving public service.  More recent Blue White House members to join the PEU class include Peter Orszag - CitiGroup and Tim Geithner - Warburg Pincus.

They're all lining up for Hillary, the next Blue PEU pot of gold.  To think Hillary could be running against Jeb Bush of Lehman PEU fame.  It's the state of our PEU world, where Red and Blue love PEU.