The Treasury Department’s Lucrative Revolving Door

Axios: “Treasury secretaries seen as being friendly to Wall Street — think Robert Rubin, Larry Summers or Tim Geithner — invariably exit to multimillion-dollar salaries in the financial sector. Steven Mnuchin has managed to do even better for himself.”

“Mnuchin has raised $2.5 billion so far for a private equity fund, including from Saudi Arabia, a country toward whom he was notably friendly while in office. If the fund is structured with a standard 2% management fee, that’s $50 million per year right there for Mnuchin and his colleagues, before they make a single penny from investment returns.”