Revolving Door

Wall Street Hiring More Ex-Government Prostitutes Officials to Assure it Gets its Way

The infamous James Carville quote, “Drag a hundred-dollar bill through a trailer park, you never know what you’ll find,” seems more applicable to official Washington than the much-maligned Paula Jones.

Ben White at Politico (hat tip Paul Tioxon) provided an update on the revolving door, Wall Street edition. It’s so mind-numbingly common for a government figure to land a job with some Big Financial Firm You Heard Of that it’s hard to keep track. Most of us notice only the really high profile examples, such as former SEC chairman Mary Shapiro taking a board seat at financial-services heavyweight General Electric.

But White tells us that a shift is underway. Major banks have intensified their search for, um, talent, as in the Washington DC insider kind. The reason for their fondness for this type is, natch, an even keener interest than before in making sure that no regulation that could interfere with their imperial right to profit goes anywhere. And it appears this change in degree is a change of kind.

As White reports:

Two of the biggest blue-chip firms in the industry, Goldman Sachs and Morgan Stanley, will soon have top-level executives with the ear of the CEO who once occupied senior jobs in the White House and the U.S. Treasury. Other banks including Citigroup, Credit Suisse and JPMorgan Chase also have staffed up with former political and regulatory officials…

A very short list of other top political operatives now working in and around Wall Street includes: Ed Skyler, former deputy New York City mayor for operations, who is now executive vice president for global public affairs at Citigroup; Calvin Mitchell, who ran press operations for Geithner at the New York Federal Reserve and is now global co-head of corporate communications at Credit Suisse; Jennifer Zuccarelli, formerly of the Paulson Treasury department and Mark Kornblau, a veteran of multiple Democratic presidential campaigns, who both now have senior roles at JPMorgan Chase. Andrew Williams, a former Geithner spokesman, now works for Siewert at Goldman.

And there are many more.

Rest here…