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."
Dash also reports on the former regulator's new role: "… Mr. Jiampietro will serve as a managing director in the financial institutions group, where he will advise a range of small and large banking clients."
But don't worry: we're sure the fact that the revolving door continues to rotate so swiftly and effectively will have no impact at all now that we've got all those awesome Dodd-Frank regulations in place. And Basel III, too. We're all safe from regulatory failure and corruption now that we've given the regulators so many new powers. Right?
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