Two of President Biden’s top economic and foreign policy advisers earned heavy salaries on Wall Street during the Trump administration after working for President Obama, according to new financial disclosure forms.
The details: Brian Deese, director of the National Economic Council, received a $ 2.3 million salary last year to serve as BlackRock’s head of sustainable investment. National Security Vice Advisor Jonathan Finer received nearly $ 730,000 as a senior vice president of private equity firm Warburg Pincus.
- Deese also appeared to be earning another $ 2.4 million with its restricted BlackRock shares. He had been one of Obama’s top advisers and helped negotiate the 2015 Paris climate deal.
- Finer received another $ 430,000 from Warburg in reported interest: the profits made by the managers of venture capital, hedge and private equity funds. He had previously been head of state department cabinet and director of policy planning.
They were not alone in search of wealth in the private sector during Donald Trump’s presidency.
White House Press Secretary Jen PsakiThe former Obama White House communications director earned about $ 580,000 through his private consulting group.
- He also received a communications advisory fee in excess of $ 5,000 from Jeff Zients, currently a Biden advisor and response coordinator for COVID-19, and another from Lyft.
Susan Rice, who served as Obama’s national security adviser and is now director of the Home Affairs Council, earned more than $ 305,000 in exercising Netflix stock options last August. She was named a member of Netflix’s board of directors in 2018.
- He also received $ 100,000 to $ 1 million in dividends from shares in Enbridge, a Canadian energy company that is building a pipeline in northern Minnesota that opponents want the Biden administration to stop.
- The figures are reported in wide ranges.
Julissa Reynoso Pantaleon, the U.S. ambassador to Uruguay with Obama and now chief of staff to First Lady Jill Biden, raised nearly $ 1.5 million as of last December as a partner in law firm Winston & Strawn.
Other Biden aides joined them in taking significant pay cuts to return to government service.
- White House Chief of Staff Ron Klain he earned just over $ 1.8 million as executive vice president of venture capital firm DC Revolution.
- Deputy Chief of Staff Bruce Reed done more than $ 450,000 as a co-founder of Civic, a DC-based think tank.
- Zients he earned a salary of $ 1.6 million (plus a bonus) as CEO of the Wall Street Cranemere holding company. As a member of Facebook’s board of directors, he also earned $ 333,000 for restricted stock units that were still remaining during the reporting period, in addition to more than $ 50,000 in director fees.
- Stuart Delery, Biden’s deputy attorney, earned $ 3.7 million through January as a partner in law firm Gibson, Dunn & Crutcher.
Some of the people who helped the president win the 2020 race also gave up strong compensation packages to serve the federal government.
- Mike Donilon, Biden Senior Advisor, who was a Biden advisor during the Obama administration, earned more than $ 4.3 million last year as a managing member of consulting firm MCD Strategies.
- Among the firm’s clients were the Biden campaign and the Democratic National Convention Committee.
- Deputy Chief of Staff Jen O’Malley Dillon he also received compensation for the dismissal and postponement of the firm Precision Strategies (which he co-founded), which amounted to about $ 425,000.
The big picture: While several of Biden’s closest advisers made millions by establishing new ties to corporate interests after leaving the Obama White House, his wealth is evident compared to the net worth of many super-rich Trump confidants. .
- Gary Cohn kept the cash and cash payments worth about $ 300 million as president of Goldman Sachs before becoming Trump’s former White House economic adviser.
- Former Trump administration strategist Steve Bannon reported up to $ 13 million in assets in 2017, mostly in real estate.
What they say: The White House said in a statement: “These White House officials are experienced government leaders, whose previous private sector experience is part of a broad and diverse set of competencies they bring to the service of government.”
- “They have returned to government because of their deep commitment to public service, their desire to help get our nation out of this time of crisis, and their firm belief that government can work for the American people.”