Bankster Revolving Doors? What Revolving Doors?

Tuesday, April 2, 2013
Posted in category Financial Markets

I had a “spitting coffee” moment this morning when I came across today’s piece in the Bankster Street Journal about Mary Schapiro, the ex-SEC head whose revolving door spin landed her a job at a top doctor for Banksters, Promontory Group Financial LLC. I couldn’t believe this was actually quoted in the article:

“In my case, there’s no revolving door…I won’t ever be going back to government,” the 57-year-old Ms. Schapiro said in an interview. She decided that after spending “28 of the last 32 years as a regulator,” now was the “right time…to do something different.”

The notion of a “revolving door” actually refers to movement of the elites between the coercive government-regulatory environment and the industries they regulate. Schapiro, who has led the SEC, FIRA (Financial Industry Regulatory Authority), and the Commodity Futures Trading Commission, is going to a firm that has some of the heaviest hitters in the business. The firm’s website actually boasts about and promotes an article in American Banker magazine that highlights the elite “past affiliations” of Promontory’s executives (otherwise known as “prominent people”). Included affiliations are the SEC, FDIC, International Monetary Fund, Federal Reserve, Nasdaq, American Stock Exchange, Bank of England, Treasury Department, Office of the Comptroller of the Currency, any and all Wall Street Bankster outfits (with Goldman Sachs leading the way), and lastly, former aides to past presidents and czars, including a former Reagan Chief of Staff.

Not surprisingly, Promontory also employs former editors of American Banker magazine, a rag that exists to exalt the Banksters and lobby for their political advantage. So yeah, I think Mary Schapiro qualifies as being considered a by-product of the revolving door.

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One Response to Bankster Revolving Doors? What Revolving Doors?

  1. Wade says:

    April 5th, 2013 at 7:51 am

    Now Karen, why would you think that the banksters have any influence in Washington? It’s mere coincidence that:
    * Robert Rubin, Treasury Secretary under Clinton, was vice-chairman of Goldman Sachs
    * Hank Paulson, Treasury Secretary under Bush II, was chairman of Goldman Sachs
    * Neel Kashkari, VP of Goldman Sachs, was the guy that Paulson hired to be in charge of disbursing the $700 in TARP bailout funds
    * Timothy Geithner was the first Treasury Secretary under the Obama regime. Geithner’s Chief-of-Staff was Mark Patterson, a lobbyist at Goldman Sachs
    * Prior to becoming Treasury Secretary Geithner was President of the Federal Reserve Bank of New York. Geithner’s replacement as head of the FRBNY was William Dudley, board member of Goldman Sachs.
    * Mario Draghi, head of the ECB, was an international advisory board member of Goldman Sachs.
    * Mark Carney, head of the Bank of England, was a managing director of Goldman Sachs.
    * Mario “Three Card” Monti, the unelected Prime Minister of Italy until Dec. 2012, was an international board member of Goldman Sachs.
    * Judd Gregg, former Governor and Senator from New Hampshire, was Chairman of the Senate Budget Committee while in Congress and was a strong defender of Ben Bernanke and the Federal Reserve. He left Congress in 2010, and is now on the International Advisory Board for Goldman Sachs.

    I wonder if there is any sort of connection here? :)

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