The never ending revolving door continues. Corruption like this is precisely why we never get real reform. Instead, we get something like Dodd-Frank which is a mild upgrade but still not as strong as what was created during the Great Depression. It continues to be a major disappointment that the Obama administration is unable to show improvement over the Bush or Clinton administrations in terms of shutting the revolving door. I expected much more from Obama and am tired of this blatant abuse of the system. It's not just one party, it's both of them. People at too many levels in Washington are too afraid to implement honest reform because it will only hurt their job opportunities.
It's understandable that people are looking for a career path but this is too much. The end result is destruction of the country for their own personal enrichment. It has to stop yet nobody from either party even recognizes it as a problem. As they say, if you can admit that something is a problem, how can you solve it? Until this changes, there is no hope of improving the system. It's clearly a popular career path in Washington (right up to the highest levels), but how does this help the country? This corruption of the system has to stop.
One of the chief banking rescue deal guys has decamped the FDIC for the more profitable climes of Goldman Sachs.
As Eric Dash reports in DealBook: "Mr. Jiampietro was previously a senior adviser to Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation, during the throes of the financial crisis, where he helped coordinate more than 100 government-assisted bank deals."
"He was also one of the chief architects of the F.D.I.C.’s policies on private equity involvement in the banking industry and was Ms. Bair’s main liaison to hedge funds and the broader Wall Street community. He left the F.D.I.C. in August, after serving for just over a year."
