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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.
The Opinion section is produced by the Editorial Department to foster discussion about key issues. The Editorial Board represents the institutional voice of the Star Tribune and operates independently of the newsroom.