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Obama’s New Chief Economic Adviser Gene Sperling

Big business likes Sperling, who was an economic adviser in the Clinton White House….and, of course, there’s the obligatory Goldman Sachs connection….

Not lost on Wall Street is the fact that Sperling has worked there: He served as a consultant to Goldman Sachs, and in 2008 harvested sums reaching seven-figures for his work there and in delivering speeches to the highest ranks of the financial services realm.

Not lost on the rest of the business world is the role Sperling played in helping balance budgets as a White House economic adviser during the Clinton administration, or the bill he helped craft in the Obama administration delivering $30 billion in direct government investments to banks in the hopes they would lend to small businesses.

But among critics who portray the Obama administration as a captive of Wall Street–eagerly bailing out the banks that wrecked the economy while doing little for working people–Sperling’s selection has been construed as a sign of more of the same ahead.

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