On Saturday, veteran finance executive Jeff Zients was named a co-chair of Joe Biden’s transition team. Before the weekend was over, Jeff Hauser, who runs the progressive Revolving Door Project, was working the phone to get him removed.
Zients is among a small group of Democrats who made a fortune at the intersection of the investment industry and corporate America, gained power in the White House and can easily weave in and out of those worlds. A former top economic adviser to Barack Obama, he hosted a Biden fundraiser in November. He served on Facebook Inc.’s board until this year, and now he’s on leave as head of the Cranemere Group, a holding company that buys businesses.