The Public Eye

Reports from the Bee's investigative team

June 9, 2010
Nearly 1,500 former federal officials now lobbying for Wall Street

Public Citizen and the Center for Responsive Politics teamed up to study the "revolving door" of former federal employees who became lobbyists for the financial services industry. The two government watchdog groups determined that since Jan. 2009, at least 1,447 former government officials -- including former Congressional members, Congressional staffers and related federal agency employees -- have gone to work for Wall Street.

Prominent among the 73 former Congress members identified in the study are: "former Speaker of the House Dennis Hastert (R-Ill.); former Senate Majority Leaders Bob Dole (R-Kan.) and Trent Lott (R-Miss.); former House Majority Leaders Dick Armey (R-Texas) and Dick Gephardt (D-Mo.); former Ways and Means Chairman Bill Archer (R-Texas); and former Appropriations Chairman Bob Livingston (R-La.)." One former California politican appearing on the list: Vic Fazio, a Democrat who represented the Sacramento area in Congress from 1979-1999.

The full CRP/PC study has a complete list of the lobbyists who served in Congress as members or staffers. You'll also find a list of people with the most number of financial services clients. And there's a list of companies employing the most "revolving door" lobbyists. (Citigroup, Inc. is number one with 60.)

-- Pete Basofin

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About The Public Eye

Welcome to The Bee's newest blog: Public Eye. In the coming months, you will see us breaking news here as well as following up on investigations we have published with tidbits, news breaks and behind-the-scenes descriptions of our news-gathering process. Know of a wrong we could right? Send our fraud squad your tips at: fraudsquad@sacbee.com.

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