The revolving door is a big part of the corrupting way Washington works today.
Regulators revolve into government positions from the companies they’re supposed to oversee – often getting huge “golden parachute” bonuses from their former company to do so. And they make sure not to be too hard on their old buddies so they can revolve back out a few years later and cash in with a higher paying job.
Any candidate who wants to be president needs to pledge to fight this corrupting revolving door.
The revolving door is how we get people like Mary Jo White – a longtime Wall Street lawyer – heading the SEC, where she can give her friends at Too Big To Fail banks “get out of jail free” waivers when they break the law.
It’s the way Washington has worked for a long time, but we’ve got momentum on our side. Antonio Weiss and Larry Summers got blocked from revolving into government positions by grassroots pressure. Opposition to corporate lawyer Keir Gumbs being named to the SEC is growing fast.
Presidential candidates must pledge to look beyond the revolving door and name tough on Wall Street staff to their campaigns and to their administrations if elected.
Just last week, Senator Tammy Baldwin introduced an important bill that would put an end to “golden parachutes” for government positions and take several other steps to end the worst of the revolving door.
Big banks and other companies like to give massive “golden parachute” bonuses to their executives to go work in government for a few years. That way, the regulators know who they’re really working for – their old companies, not the public.
Goldman Sachs even has this kind of “golden parachute” written into their standard contract. Sen. Baldwin’s Financial Services Conflict of Interest Act would ban this outrageous practice – and do much more.
Click here to call on presidential candidates to support Sen. Balwin’s bill to ban “golden parachutes” and stop the revolving door – and to name tough on Wall Street policymakers to their campaigns and future administration.
Plus : I just took action to demand Congress pass Senator Warren’s 21st Century Glass-Steagall Act, and I think you should too: