Geithner’s Second Move Not So Good

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Give me a break. Last week, we heard that Obama’s revolving door restrictions (which I applauded) would be bypassed for the new No. 2 man in the DOD, who as recently as 2008 had been chief lobbyist for Raytheon, a massive defense contractor.

Now we’re hearing that Treasury Secretary Tim Geithner is making a recent lobbyist for Goldman Sachs named Mark Patterson his chief of staff. Less than a year ago, Patterson was going to Congress and the Treasury to pimp Goldman’s interests. Now he’ll play a pivotal role in handing out TARP funds to Goldman and others. How is this not an obviously impermissible conflict?

What makes this so bizarre is that Geithner just banned the use of TARP funds for lobbying purposes. (He literally did this earlier this morning.) He understands the… unhelpful role that lobbying can play when trying to make solid, untainted policy that is in the best interest of the public. And yet, somehow, he’s decided to make Patterson his chief of staff. And somehow, Obama is letting him.

How many waivers until the revolving door rules become meaningless? And why issue rules in the first place if the administration has the right to disobey them whenever it deems necessary?

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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