LA-06: Baker bails out through the revolving door
by smintheus
Tue Jan 15, 2008 at 02:01:33 PM PST
This morning Republican Rep. Richard Baker announced what many had expected, that he would bail out of his congressional job in mid term in exchange for an extremely plush salary in the financial sector. This is not just any old case of the revolving door, for Baker is a high profile member of the House Financial Services Committee. From the Times-Picayune:
Baker...will take the helm of the Managed Funds Association, the industry group that represents the $1.8 trillion hedge fund industry. As president and CEO, his salary and benefits package is expected to exceed $1 million a year.
"The reason the industry came to me was because of my work in the subject area," Baker said in a morning interview with WJBO Radio in Baton Rouge. "I have put my life into developing considerable knowledge in this area."
Baker said in an interview that he would step aside "no later than Feb. 6." His new job starts the following day. It is possible that the election to fill Baker's seat could be held March 8, the same day as the first party primary to fill the vacancy of former Rep. Bobby Jindal, R-Kenner, who was inaugurated as governor Monday.
I don't know about you, but I'm vaguely reassured that Richard Baker won't have to endure a break in employment. The victims of Katrina won't shed a tear as he departs, I suspect:
The Wall Street Journal reported yesterday that (Baker) was overheard telling lobbyists: "We finally cleaned up public housing in New Orleans. We couldn't do it, but God did."...
Baker issued a lengthy statement saying he was "taken aback" by the Journal's brief item. "What I remember expressing, in a private conversation with a housing advocate and member of my staff, was that 'We have been trying for decades to clean up New Orleans public housing to provide decent housing for residents, and now it looks like God is finally making us do it,' " Baker wrote. "Obviously I have never expressed anything but the deepest concern about the suffering that this terrible catastrophe has caused for so many in our state."
Quite.
Baker's the third Louisiana representive to jump ship in the last two months, and the 20th Republican member of the House to announce his retirement during the first year of the Democratic Congress. He's not the only financial expert that MFA might have hired, of course, and he's been debating for some time whether to run for a 12th term. The Democrats already had at least one challenger announced in LA-06, Don Cazayoux, and others may jump in now. No Republicans have announced yet.
First-time diarist brouski caught Baker's announcement this morning.