A little bit earlier today I got sarcastic and cynicalabout Goldman Sachs hiring a top FDIC dealmaker. It’s the sort of thing that happens all the time—top regulators going to Wall Street banks, and vice versa—but it’s worth taking notice of.
One thing that occurs to me, however, is that Goldman cannot help but lose the PR battles on these.
If a Goldman guy goes into the government, it is seen as evidence that Goldman controls the government.
If a government guy goes into Goldman, it is seen as evidence that Goldman controls the government.
No matter which way someone exits the revolving door, Goldman winds up being accused of controlling the government.
That would be ironic if it weren’t also true. It’s not which way the rotation of the revolving door has swung—it’s the fact that it swings so readily and with such effectiveness.
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