Is the revolving door between Wall Street and Washington closing? That’s one big question after Morgan Stanley Chief Financial Officer Ruth Porat withdrew her name as a possible nominee for deputy Treasury secretary.
According to DealBook, Porat decided she would stay put at Morgan Stanley in part because she didn’t want to face questions in Washington over her wealth. Her exact net worth isn’t known – she hadn’t submitted tax returns – but she collected $8.75 million in compensation from the firm in 2011, according to Bloomberg. Sources told DealBook that Porat, 55, didn’t want to become a target in the ongoing controversy over banker pay. And, besides, things are kind of improving over at Morgan Stanley.
Porat’s withdrawal is probably a good thing. Given the rarified view Wall Street bankers have of what it means to live frugally, having fewer of them influencing economic policy may lead to policies that benefit the many instead of the few. Too many bankers are woefully out of touch with average American lives.
As for the brain trust held by Wall Street, let’s remember that having a former Goldman Sachs chief executive as Treasury Secretary during the critical days of the financial crisis didn’t help matters much. Hank Paulson’s decision in the fall of 2008 to let Lehman Brothers go bankrupt is cited by many as a mistake that helped deepen the subsequent recession.
Did we really need more Wall Streeters in Washington anyway?
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The mayor of New York City, already battling smokers and people who drink too many sugary soft drinks, figures vetoing mandatory sick leave may also force workers to pursue a healthy lifestyle.
Buzz Around the Office
Remind yourself not to do any favors for Florida State Representative Charles McBurney. The politician was pulled over for speeding last year, cut a break on the ticket and then promptly had the police officer fired for giving him preferential treatment.
List of the Day: Successful Traits
If you want to drive your career forward, mirror these traits of many of today’s most successful people.