The latest rumour coming out of the White House is that President Barack Obama could replace Chief of Staff Pete Rouse (who just replaced Rahm Emmanuel in October) with William Daley, an executive with JPMorgan.
It’s big news for one reason. President Obama is already getting flack for considering two Wall Street insiders, banker Roger Altman and Treasury adviser Gene Sperling, to replace Larry Summers, as the director of the National Economic Council.
It might seem like quick and high turnover in the Chief of Staff position at the White House, but Rouse has always been temporary and turnover was expected after Rahm Emmanuel resigned to run for the Mayor of Chicago.
Fortunately, Daley has a somewhat crowd-pleasing title at JPMorgan. After he was the Chairman of Midwest Region of J.P. Morgan, he was named the Head of Corporate Social Responsibility. Altman, by contrast, worked for the corporate raider-style PE firm Blackstone and now runs a PE firm of his own, Glencore.