From Economic Policy Journal:
...when the government-crony Wall Street revolving door is working against the bankster firm.
A trader points me to a
Bloomberg article, reporting on the GS concern:
The New York Federal Reserve’s lead supervisor of Goldman Sachs Group
Inc. has quit for a job advising other financial firms, triggering
concerns within the Wall Street bank that some of its business secrets
might not stay so secret.
After learning last month that the examiner, Lance Auer, was joining the
financial services practice of PwC, Goldman Sachs asked the firm
whether he faced any restrictions on working for other banks, said two
people familiar with the discussion. Auer, Goldman Sachs pointed out,
had gleaned insights into operations and risk-management strategies that
could be useful to competitors, the people said.
Goldman Sachs’s anxiety is a new twist on the debate over the revolving
door where the usual complaint is that Wall Street benefits from hiring
government insiders....Auer, who is scheduled to start at PwC in June,
was stationed inside Goldman Sachs’s headquarters.
This is how it usually works. Ben White at Politico
reported in 2013:
Goldman Sachs...will soon have top-level executives with the ear of the
CEO who once occupied senior jobs in the White House and United States
Treasury.... Jake Siewert, managing director and head of corporate
communications at Goldman Sachs..., who served as counselor to Treasury
Secretary Timothy Geithner and in multiple roles including press
secretary under President Bill Clinton, has quietly helped revolutionize
the way the famously secretive Goldman Sachs interacts with the public....MORE
