The top news along the Washington-Wall Street corridor over the weekend was that former Treasury Secretary Timothy Geithner would join Warburg Pincus this spring as president of the private equity firm.
In entirely predictable fashion, Geithner came in for heavy criticism from some on the left for "cashing-in" by joining Wall Street after serving as an industry regulator and manager of the 2008-2009 bank bailout.
The problem with much of the criticism is that it fails to actually pinpoint what it is that Geithner is doing wrong, beyond the vague notion that he is somehow reducing people's confidence in regulation.
He is not joining a publicly traded bank that he oversaw as a regulator. Warburg Pincus certainly got hurt in the financial crisis when credit froze up, but it did not require a bailout. It is also hardly a swash-buckling, "Barbarians at the Gate"-style buyout firm known primarily for gorging itself on special dividend payments while larding up companies with debt and laying off thousands.