George W. Madison

General Counsel at the Department of the Treasury (since September 2009)

(Dept. of Treasury)

Why He Matters

The former Treasury counsel played a key role in the 2008 negotiations that led to the creation of the $700 billion financial bailout plan known as the Troubled Asset Relief Program (TARP). Now, the new Treasury counsel will oversee TARP's implementation.

Madison joins the Treasury as monitors the distribution of TARP funds. He will also oversee the Public Private Investment Program (PPIP), a partnership between the government and money managers to rid banks of toxic assets. Under the plan, Obama Treasury Secretary Timothy Geithner hopes to purchase nearly $1 trillion of these assets. Madison will lead the Treasury's team of nearly 2,000 lawyers, including the group that helps to assure the PPIP purchasing process is done legally and within the parameters of the program.

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Background

At a Glance

Career History: Vice President and general counsel at TIAA-Cref (2003 to present); Executive vice president and general counsel at Comerica (1997 to 2003); Partner at Mayer, Brown & Platt (1987 to 1997)
Hometown: Jersey City, N.J.

Alma Mater: New York University, B.S. (business); Columbia University, M.B.A, 1997; Columbia, J.D., 1980
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Path to Power

Madison had an accomplished academic career before working in the private sector, but his path would ultimately lead him into business. He grew up in Jersey City, N.J. and attended New York University, earning a bachelor's at the Stern School of Business. After NYU, Madison went to Columbia University to gain an MBA. In 1977, he finished the business program, but instead of using the degree immediately after graduation Madison chose to stay in school. In 1980, Madison graduated from Columbia again, this time with a law degree.

After earning the law degree, Madison clerked for Judge Nathaniel R. Jones in the U.S. Court of Appeals for the Sixth Circuit in Cincinnati before becoming an associate at the New York law firm Shearman & Sterling.

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The Issues

Madison joins the Treasury as it continues its efforts to contain the spread of the 2008-2009 financial crisis. Through unprecedented measures, like the $700 billion bailout of financial institutions in October 2008 or the PPIP, a toxic-asset purchase partnership between money managers and the government that seeks to buy up to $1 trillion of toxic assets from troubled banks, the Treasury has firmly entrenched itself in the private sector. Therefore, the government will have to figure out new rules of the game to monitor its own involvement in banks and other private industry. Madison will be in charge of the team of lawyers that will help draft and review these programs.

TIAA-Cref Pay

On May 12, 2009, the Washington Times reported that Madison will take home more than his government salary of over $150,000. Madison will also receive nearly $3 million over a three-year period from his former employer, TIAA-Cref, for work he performed while at the retirement-planning company. According to financial disclosures submitted by the general counsel nominee, Madison will receive $955,000 in 2010, $1.63 million in 2011 and $333,000 in 2012.

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The Network

Madison joins the Treasury Department, where he will advise Treasury Secretary Timothy Geithner on legal issues. Madison will work closely with other Treasury officials that include Deputy Secretary Neal S. Wolin, Undersecretary-designate for International Affairs Lael Brainard, and Geithner adviser Gene Sperling.

When Madison worked on the management team of TIAA-Cref, Herbert M. Allison, Jr. served as the company's CEO. Allison is awaiting Senate confirmation to join the Treasury as assistant secretary for financial stability.

Campaign Contributions

Madison donated $2,500 to the TIAA-Cref political action committee in 2007. He has never donated directly to one candidate or campaign.

Additional Resources