Wall St. vs K Street... Political Lobby and High Finance

I just saw Casino Jack the other night (the movie with Kevin Spacey, not the documentary). For those who are not familiar with the film, it tells the story of Jack Abramoff, a famed Washington DC lobbyist who served a 4-year prison term for fraud and bribery.

This was the 3rd time I've been exposed to the culture of American lobbyists though media... the other two were the film Thank You for Smoking and John Grisham's "The Broker". I've also heard somewhere that after putting in a short stint in government, recent college grads from elite schools can walk over to "K-Street", DC's center for lobbying firms and think-tanks, and literally make millions.

Clearly I know little about the subject, but I can't help notice the similarities between political lobby and high finance. From its highly selective nature, high-flying salaries for young people, to the controversy and corruption often found at the higher levels. Do any monkeys have any first-hand experience with political lobby? Very curious to hear about your experiences.

 
Best Response

Its not as big of a deal as you think it is. I live here in DC, and first of all, think tanks don't really pay a lot for younger associates (think under 30) because they are funded mostly by donations and revenue they generate through publishing books. My cousin works for CSIS (look it up), and she's leaving after a few years to go get her MS and hopefully work for the department of State. Lobbying firms also pay less than a typical law firm might, and basically the younger associate is sitting in on capital hill briefings and taking notes or typing up documents all day long. It's really not as sexy as people make it sound. Eventually, you need to start expanding your list of contacts and relationships, so you might attend a lot of social gatherings in DC that are pretty dumb in my opinion, like the young benefactors club of the Smithsonian Museum or other charity events, dinners, etc... and guess what you find there... half the people there are also in government relations / lobbying and are all trying to schmooze with the same people. DC is about schmoozing, and if you can master the skill, it can pay off big time... but you have to learn the ropes and figure this city out... AND KEEP EDUCATING YOURSELF. In this town, you haven't really made it until you have 2+ masters degrees, a JD, or Ph.D, in my opinion. If all you are concerned about is money, then DC isn't really the place to be for it. There is $ here, but the industries that drive it are located elsewhere. I personally know a few lobbyists, and I can tell you that they are not at all like people portray them in the movies, and they spend most of their day in front of the computer or on the phone talking to people about the concerns their clients have about how specific bills in congress are worded... and it's not like you are the only person doing that at any given time. It's just a job, but the media makes it more glamorous than it really is. DC is a cool city, and there are some very unique things here to get involved with, but the hype wears off after a while... believe me, I've lived here since 7th grade. I'm sure its just like living in NYC, where people say "wow, WALL STREET like the movies", but then you realize you're going to work in a crowded office every day, riding the subway, and paying high rent just like everyone else. Hope that answers your question.

 

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