As it nears a settlement on charges of conflict of interest by its equity research analysts, Citigroup has hired a high-powered Washington lobbyist for the newly created job of senior vice president of global government affairs.
Citi CEO Sandy Weill plucked Nick Calio from a lowly $145,000 per year job as the White House’s Congressional liaison, and plans to pay him an estimated $1 million to make sure D.C. politicians are aware of Citi’s best interests – when it comes to tax policy, corporate governance laws and financial services legislation.
Calio is expected to smooth the ruffled feathers of regulators as Weill tries to move on from the scandals, which have kept Citi’s name in the headlines for months.
Calio said he was sorry to leave the White House, but that the pay offered by Citi was too good to turn down. Before joining the White House two years ago, Calio made $947,671 as a lobbyist, and was named one of the 10 most influential lobbyists by Fortune magazine.
He and his wife have three children who are reaching college age.
Citi has been plagued by accusations that its research analysts were just shills for investment bankers.