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Former Obama Budget Director Orszag Joins Citigroup

Thursday, December 09, 2010

Citigroup announced Thursday that former budget director Peter Orszag has joined the bank as a vice chairman in its global banking business. 

"I am pleased to be joining Citi, with its unmatched global platform and dedication to providing clients with quality service and advice. I look forward to working with the experienced, dynamic team at Citi," said Orszag in a press release from the bank.

To comply with ethics rules, the bank said Orszag will not have contact with federal officials.

Orszag was the first member of the administration to leave when he stepped down as director of the Office of Management and Budget.  As a cabinet member, Orszag ovesaw budget policy and major economic initiatives. He also spent signficant time focusing on health care costs and reforms. 

Prior to joining the Obama administartion, Orszag had been director of the non-partisan Congressional Budget Office.  During his tenure, he also focused on the health care costs such as Medicare and the impact on the federal budget.

In the fall of 2008 at the height of the financial crisis, Citigroup received $45 billion in taxpayer dollars, one of the largest bank bailouts. 

This week, the Treasury Department announced plans to sell the remaining shares of the bank it still owns. It is estimated the government will make a $12 billion profit from the rescue of Citigroup.

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