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Illustration: Sarah Grillo/Axios

A lot of government agencies can propel their public-sector employees into high-paying private-sector gigs. Sitting squarely at the top of the list is the Treasury Department.

Why it matters: Treasury has almost unlimited financial power.

  • Treasury secretaries seen as being friendly to Wall Street — think Robert Rubin, Larry Summers or Tim Geithner — invariably exit to multimillion-dollar salaries in the financial sector. Steven Mnuchin has managed to do even better for himself.

Driving the news: Mnuchin has raised $2.5 billion so far for a private equity fund, including from Saudi Arabia, a country toward whom he was notably friendly while in office. If the fund is structured with a standard 2% management fee, that’s $50 million per year right there for Mnuchin and his colleagues, before they make a single penny from investment returns.

  • What we're reading: The New York Times has an in-depth story about how accountants cycle into Treasury, do a tour of duty there that often involves enforcing the law in business-friendly ways, and then cycle straight back out to their own firms "with loftier titles and higher pay."

The bottom line: As Summers himself says, "the real scandal is not the illegal things people do, rather it’s what is legal."

Go deeper

Dan Primack, author of Pro Rata
Sep 23, 2021 - Economy & Business

A taxing proposal

Illustration: Annelise Capossela/Axios

We're more than a decade into the political debate over how to tax carried interest, the profits earned by private fund managers on others investors' capital. And somehow the proposals are getting worse.

Background: For the uninitiated, carried interest is usually taxed as a capital gain, rather than as ordinary income.

Parkland shooting victims' families settle suit with school district

A makeshift memorial outside Marjory Stoneman Douglas High School in Parkland, Florida, on Feb. 14, 2020. Photo: Matias J. Ocner/Miami Herald/Tribune News Service via Getty Images

Families and survivors of a 2018 mass shooting at a high school in Parkland, Fla., reached a $25 million settlement in their lawsuit against the Broward County school district Monday, per the South Florida SunSentinel.

Why it matters: The deal was reached in the suit over the massacre at Marjory Stoneman Douglas High after the school district won a Florida Supreme Court ruling that could have capped damages at $300,000 in total without approval from the state legislature, AP notes.

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.