Europe's Own Revolving Door: JPMorgan Hires Italy's Former Finance Minister Grilli

Tyler Durden's picture

After a job well done by a public servant, and by a job well done we of course mean facilitating the transfer of middle class, taxpayer wealth to private bank accounts, it is customary to reward them with a comfortable job in the same bank as repayment. This is also known as the revolving-door phenomenon and is the norm in US "regulation" (the epitome of career development by any SEC employee or US Treasury Secretary is to be hired by a Too Big To Fail Bank or private equity firm) and generally, politics. But not only US. Bloomberg reports that it is just as prevalent in Europe:

  • Vittorio Grilli joins JPMorgan as chairman of corporate and investment bank in Europe, Middle East and Africa.
  • Grilli will report to Daniel Pinto
  • JPMorgan announces Grilli hire in memo to staff, obtained by Bloomberg News

Because when the time comes to bailout the likes of JPMorgan, again, it will certainly help to have connected former "public servants" like Grilli on board.

Rinse. Repeat.