22 People Who Went From Wall Street To Washington To Wall Street
by: Katya Wachtel
Some would argue that the incestuous nature of the relationship and the revolving door between Washington and downtown Manhattan is dangerous.
Others are glad to have people in the Capitol making decisions about the economy who have actually been involved in it practically.
The Wall Street-to-Washington-and-back revolving door has been swinging at least since 1934 (when Joseph Kennedy was appointed Chairman of the SEC by President Roosevelt, after a successful career on Wall Street), and it’s still going.
In the last couple of months, the government has found appointees on the Street and banks have pulled new employees from the SEC and the Fed.
To give you a better idea of the swarm of people who have served time on Wall Street and K Street or Pennsylvania Avenue, or all three, we rounded up a few of our favorites and the newest converts.
Alas, attention is finally being thrown upon the revolving door of government. This is a consistent theme on Liberty In Exile, covered extensively in the December post titled “The Military Has Usurped the State“, specifically targeting corruption and corporatism in the defense industry. In this article of Business Insider, the focus is now upon the financial executives who have gone to and fro between the government and Wall Street, always certain to point out the convenient timing of each career “move”.
As I am a proponent of advancing ideas through popular media, I shall recommend more to those blossoming and ever-growing minds intent on understanding the world around them. To understand more about the corruption, specifically in the last financial crisis, I would actually recommend Michael Moore’s documentary Capitalism: A Love Story. While there are many points I certainly cannot agree with in this movie, such as Moore’s foaming-at-the-mouth fondness for Democratic administrations and his completely flawed view of economics, he presents a very detailed case of the corruption and the collusion between Washington and Wall Street. He covers the lobbyists’ influence on financial reform legislation, the specific lawmakers now working for banks, and those that have even been busted accepting bribes and unfair loans.
A very talented author and journalist who covers these issues particularly well is Timothy Carney, political columnist at the Washington Examiner. Carney writes extensively on the collusion between Big Business and Big Government, and is essential reading for any who wish to comprehend and follow the corruption that is occurring daily before our eyes. He often perfectly details the corporatism that has reigned supreme in the last administrations, and shatters the “feel good” intention that is used to pass rather corporate-friendly legislation. He has written two books and his columns appear every week.
A journalist and TV presenter who also focuses on these issues is MSNBC’s Dylan Ratigan, who has been a business and financial journalist for many years now. Ratigan attempts to highlight the complete corruption that has come to grip Washington, and has no reservations when interviewing politicians, business leaders, and corporate-friendly journalists. He has also continued to press on the huge bailouts which were administered last year, intent on documenting them as the greatest example of financial theft in this nation’s history.
This article in Business Insider detailing corruption in the financial and government sector is only the latest reminder that our political system is inherently flawed. While it’s documentation can be executed rather effortlessly, there is no black and white solution to a problem which has so readily tainted the idealistic intentions of our political institutions. What can be achieved, however, is the gradual acceptance and understanding of the truth and information, so that these manifestations of injustice be eradicated and avenged in the name of true liberty, so that a free people may live under just and equitable rule.