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There are revolving doors of employment in what are now commonly called industrial complexes. Most famously, the term military-industrial complex was coined by Dwight Eisenhower, who devoted his Farewell Address in 1961 to its “grave implications.” There is also the “energy-industrial complex,” the “agriculture-industrial complex,” and—as many Americans recently discovered—the “financial-industrial complex,” with one of the most well-publicized door revolvers being George W. Bush’s last Treasury secretary, Henry Paulson, who had previously been CEO of Goldman Sachs. However, this is not just a Republican thing. Prior to becoming President Barack Obama’s chief economic adviser, Lawrence Summers4 in 2008 received $5.2 million from hedge fund D. E. Shaw; and Obama’s number two man at Treasury, Neal Wolin,was previously an executive at the Hartford Financial Services Group.5 In 2010, Mother Jones magazine (“The Bankers on Obama’s Team”) listed nine other high-level members of the Obama administration who have been part of the corporate elite in the financial industry.
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Bruce E. Levine (Get Up, Stand Up: Uniting Populists, Energizing the Defeated, and Battling the Corporate Elite)