How lucrative is the swamp? A first-of-its-kind analysis shows 77 officials who served under Obama and Biden boosted their assets by an estimated 270% from 2017 to 2021.
ost people have heard of Washington’s revolving door, which allows politicos to cash in on their government service by roving between the private and public sectors, leveraging their government connections and know-how. Distaste for the revolving door, and the potential conflicts of interest it creates, is one of the few things that can unify Republicans and Democrats. Presidents Donald Trump and Joe Biden both enacted rules to try to limit those interested in passing through the revolving door.
The data is clear. The officials’ median assets increased an estimated 270% over four years. By comparison, total household assets increased 38% nationwide from 2017 to 2021, according to. The S&P 500 went up 70% over the same period. The figures highlight why it’s so tempting for public officials to leverage their government experience for private gain.
It’s not just mid-level employees who benefit from the revolving door. Between his tenure as a four-star general and the U.S. Secretary of Defense, Lloyd Austin joined the boards of Raytheon Technologies, Nucor Corp. and Tenet Healthcare, earning more than $1 million in cash and $2 million in equity grants. In 2018, he and his wife purchased a $2.6 million home outside the nation’s capital, now part of their roughly $7 million fortune.
The third route through the revolving door: starting your own shop. James O'Brien, Biden’s coordinator for sanctions policy, led the European practice at international advisory firm Albright Stonebridge while he was out of government. The state department underscored O’Brien’s resume, which includes working on sanctions programs for the United States and the United Nations, as well as serving as a special presidential envoy on two occasions.
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