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Continued: Why no bankers went to jail: It's the revolving door, stupid

  • Article by: WILLIAM D. COHAN , Bloomberg News
  • Last update: January 22, 2014 - 6:12 PM

Earlier this month, we got more irrefutable evidence when Julius Genachowski, the former Federal Communications Commission chairman, joined the Carlyle Group as a managing director to work on media, telecom and technology industry buyouts.

Can you say ka-ching?

The promise of the corporate honey pot for departing government officials has been a reality at least since 1968, when Treasury Secretary Henry Fowler became a Goldman Sachs partner. Unless, and until, the revolving door between Washington and Wall Street is bolted shut, I think it’s safe to say the American people will continue to be ill-served by those empowered with the hallowed role of prosecuting wrongdoing.

 

William D. Cohan, the author of “Money and Power: How Goldman Sachs Came to Rule the World,” is a Bloomberg View columnist. He was formerly an investment banker at Lazard Freres & Co., Merrill Lynch and JPMorgan Chase.

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