Brody Mullins and Danny Yadron have a must-read front-page story in this morning’s Wall Street Journal about the congressional staffers who have collected money from their past employers while on the Hill.

Exhibit A is David Krone, Sen. Harry Reid’s chief of staff, who got a $1.2 million payment from Comcast, his former employer, after joining Reid’s office. There’s nothing illegal about it, but it does illustrate the way the revolving door between private and public sectors can leave an icky residue.

The payment to Mr. Reid's aide, David Krone, stemmed from an unusual promise Comcast made when he quit his job as its senior vice president of corporate affairs. Not long before he was offered the Washington job, the cable company agreed to buy his apartment for the price he paid a year earlier, protecting him against a substantial loss. Mr. Krone had purchased the condo when he moved to Philadelphia to work for the company.



The article later looked closer at this unusual deal, emphasizing that Krone quit his Comcast job before he was offered a job in Reid’s office, but also making it clear that Krone was well-connected in Democratic circles as a major donor and a friend of Reid.

Companies often cover real-estate losses when trying to woo prospective employees. It is extremely rare for them to do so when an employee quits, say executive-compensation experts. "Severance benefits and even golden parachutes generally don't protect executives against personal real-estate losses," says Chuck Yen, an executive-compensation consultant with Grant Thornton LLP.

"Comcast did not know that David Krone was going to Harry Reid's office or to any other government or regulatory agency" when his separation agreement was negotiated, according to company spokesman John Demming.

Some people familiar with the matter say the company wanted to make sure he didn't harbor any ill will after leaving, given his connections. As a heavily regulated cable and media company, Comcast has a lot at stake in Washington.







