: Incoming Biden chief of staff Zients is nearly wealthy enough to buy the entire White House

by | Jan 23, 2023 | Stock Market

Fixes story to reflect that Zients worked at Bain & Co. The person widely reported to be President Joe Biden’s next chief of staff has just about enough assets to swap it for the entire White House, were it ever for sale.

The financial disclosure form for incoming White House chief of staff Jeffrey Zients lists assets ranging in value between $89 million and $442 million. That form is based on data as of May 2022, from his previous role at coordinator of the COVID-19 response. Zients according to the Associated Press, the Washington Post, and other outlets, will replace Ron Klain as White House chief of staff. Zillow
lists the valuation of the White House at $481 million, though of course 1600 Pennsylvania Avenue is not for sale. The disclosure form lists a mix of funds, including such broad based investments such as the SPDR S&P 500 ETF Trust
and the Vanguard Total Stock Market
index fund. Other funds he held invested in bonds and gold. Zients started his business career at the consulting firm Bain & Co., and later held a similar role at Mercer Management Consulting. He was also the former chief executive of the Advisory Board Company, a healthcare consulting firm that is now a unit of UnitedHealth
The vast wealth of Zients has led to criticism from groups including the Revolving Door Project, which said he became “astonishingly rich by profiteering in healthcare.” It pointed to settlements in firms he either controlled or invested in which paid millions to settle allegations of Medicare and Medicaid fraudulent billing. In President Obama’s White House, Zients was director of the National Economic Council and acting director of the Office of Management and Budget. He helped lead the effort to repair the Healthcare.gov website after a botched rollout.

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