Jake Siewert, Treasury Secretary Tim Geithner’s former counselor and White House press secretary during the Clinton administration, has taken a job at Goldman Sachs. According to Politico, Siewert will be managing director and head of global corporate communications. He is expected “to inherit the portfolio of Lucas van Praag, a long-time Goldman executive who ran the public relations department and developed a reputation for his sharp wit and barbed emails to reporters he believed had misrepresented the bank.”
Siewert will undoubtedly take some criticism for taking part in the “revolving door” between Washington and Wall Street. Several senior White House officials, including current Chief of Staff Jack Lew and former Chief of Staff Bill Daley joined the White House from big banks — Citigroup and JPMorganChase respectively. Current OMB Director Jeffrey Zients worked early in his career at Bain & Co.
Some on Wall Street have criticized the Obama administration for publicly castigating the banking industry while hiring many of its executives.