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.5:40 am on April 2, 2013 Email Karen De Coster