FORTUNE -- Jack Lew hasn't had any Wall Street experience since President Obama first took office, but the same cannot be said for another of President Obama's cabinet nominees: Chuck Hagel, the former Nebraska senator who has been tapped for secretary of defense.
Just days after leaving the U.S. Senate in 2009, Hagel joined the advisory board of New York-based Corsair Capital, a New York-based private equity firm focused on the global financial services industry. At the time, Hagel said:
“Upon retiring from the U.S. Senate, my commitment and focus is to work with first-rate organizations of talented and ethical people who share a similar worldview to mine... I look forward to contributing to [Corsair's] success as it identifies and capitalizes on selective compelling investment opportunities in the global financial services sector.”
That same day, Hagel also became a senior advisor to McCarthy Capital, an Omaha-based private equity group focused on lower middle-market companies. Three months later he joined Deutsche Bank (db) as a member of its Americas advisory board.
So if future Treasury Secretary Lew needs some help on who to call when newfangled financial market issues arise, he can just ask Hagel after cabinet meetings. Well, so long as Republicans aren't able to prevent both of them from getting confirmed...
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