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The "Revolving Door" Goes Full Retard: SEC Hires Goldmanite Who Previously Worked At The SEC
Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year's latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unveiling what may have been the first ever double revolving door in SEC history, after the SEC announced it had hired as its new chief of staff a former Goldman worker who had previously worked at... the SEC. And with that the we have gone not only full circle but full retard as well.
The Securities and Exchange Commission today announced that Andrew J. “Buddy” Donohue has been named the agency’s chief of staff. Mr. Donohue will replace Lona Nallengara who will leave the agency in June.
As chief of staff, Mr. Donohue will be a senior adviser to the Chair on all policy, management, and regulatory issues.
“I am thrilled that Buddy will be returning to the SEC to provide his extensive knowledge and expertise to the agency,” said SEC Chair Mary Jo White. “Buddy is a seasoned professional whose previous SEC and private sector experience will be invaluable in advancing all aspects of the agency’s mission. His deep knowledge of asset management will be especially useful as the Commission advances its rulemaking agenda for addressing potential risks in asset management and considers a uniform fiduciary standard.”
But she is mostly thrilled because her new employee will be able to provide a birds eye view of everything that happens at the SEC to his former employer, none other than Goldman Sachs:
Most recently, Mr. Donohue has been managing director, associate general counsel, and investment company general counsel at Goldman, Sachs & Co. in New York, where he was primarily responsible for legal matters related to its registered investment companies.
This is what he said back in October 2012 when he joined Goldman:
Donohue said he decided to make the change because he believes he can make more of an impact in-house. "I like being part of the discussions with management about issues and approaches the firm can take early on," he told Reuters.
What happened Buddy, management didnt want to be part of the discussions with you? Or just said you would be most useful as a bugged "employee" of your former employer?
And where was he before Goldman?
Mr. Donohue returns to the SEC after serving as Director of the agency’s Division of Investment Management from May 2006 to November 2010. As director, he was instrumental in developing regulations governing the asset management industry and was responsible for policy and oversight affecting registered investment advisers as well as investment companies and the investment company industry.
But that's not all: you see "Buddy" is a recidivist revolver: before his first stint at the SEC, he was already a Wall Street veteran:
- From May 2003 to May 2006, Mr. Donohue served as global general counsel at Merrill Lynch Investment Managers in New Jersey. In that role, he oversaw the firm’s legal, regulatory and compliance matters for the investment advisory business.
- From June 1991 to November 2001, Mr. Donohue served as executive vice president, general counsel, director, and as a member of the executive committee of the investment fund subsidiary of Massachusetts Mutual Life Insurance Company, OppenheimerFunds Inc.
At this point what commentary can possibly do justice to a real-world narrative that makes the Onion, let alone any banana republic, seem boring by comparison? Clearly nothing can and will ever change until that revolution Paul Tudor Jones predicted two months ago finally arrives.
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The gangs all here! so the final destruction can continue unabated.
Obviously the deck chairs on the titanic needed rearranging.
Im just here for that creditrash dude's pitch to get me to his website.
no clintons
no bush's
SEC to ex-bankers applying for a job: If by now you haven't been shot(w/nails) or jumped from a tall building, we have an opening for you
His nickname is "Buddy"!!!!!! You can't make this shit up!!!!
Xactly!
So an employee of Goldman goes to work at another part of Goldman and this makes news , same as it always was.
Well obviously ol' buddy was the best man for the job. You know, a total fuckoff that does what he's told, not whats right or proper.
And a makes a gazillion dollars a year
Envy much
Apparently, Goldman has a firewall and won't let him watch porn......so he could not masturbate at his desk.....
Boy Obama sure brought a tidal wave of change and transparency to government agencies. Really socking it to those Wall Street guys.....
FED and SEC should move into Goldman's new Temple of Doom in order to save taxpayer money on office space.
The SEC and Goldman Sachs are two heads of the same vampire squid occupied world.
Why would he take the pay cut if he wasn't going to keep one foot in the GS executive suite?
Shame? For these folks, this is success, not something to be ashamed of.
To quote our beloved soon-to-be ruler... "What difference does it make?!"
We would be better off with no SEC providing a mirage of oversight. Obviously they are a major part of the problem.
The mirage of oversight is similar to the mirage of elections, the mirage of democracy, and the mirage of freedom.
http://www.cnbc.com/id/102711626
it's complicated...
So she doesn't say something stupid????
Nobody, including Obama, could get elected without planting a big wet kiss on AIPAC's ass.
The next president will be no different. There will be major butt-smoochio, never mind the political party.
These groups run Washington:
1) Extraction Lobby (oil and minerals) 2) Farm Lobby and Agribusiness. 3) Wall Street Corporations, especially Financial Corporations 4) MIC 5)AIPAC
All of these groups find common cause and work together. Farmers are subordinate to Agribusiness and Debt/Credit Corporations (Banks). Extraction/Oil is part of the money power, so they are in bed together.
Wall Street is Investment Banking, which is Credit means, and hence they are credit finance. This credit finance, especially since Graham Leach Blily act broke Glass-Steagall, has spread its infection into regular transaction banking.
MIC likes the direct spend out of Government, and they are the enforcement arm for debt spreading.
AIPAC tribe members created/invented credit money, and make sure their control means continues, as they have a psychopathic need to control humanity; this includes mass death through collectivization, or war. This control will either be overt as in communism, or hidden via money power - especially debt/credit money power.
In history, they used exchange rate differentials between Gold/Silver, and then later they used differentials between tangible metal money and the intangible ledger. Then even later in history, it was metal and credit schemes.
Always scheming to take rents. Rents are stealing and are parasitic. Humanity needs to shake off its parasite.
The easiest way to shake off is to go to sovereign money. It can be done overnight by a law change via congress.
Otherwise, we will have to invent a private money system that does not engage in rents and then root out the parasite from within.
sovereignmoney.eu
You'll hear the midnight knock on your door. Thought Crime Police calling.
The SEC is so crooked they don't even care anymore that we know how crooked they are.
The only thing regulators care about is covering up the banksters' crimes and then retiring to a multi-million dollar no-show job.
I am not a fan of violence but that may be the only means to get these crook's attention.
Sad days for Amerika.
cn13, I know what you mean.
WTF, are there no lampposts in NY?
Yeah, "Buddy"...that says it all right there.
This gives "regulatory capture" a whole new meaning.
"But this is how we retain and find the best talent!"
... like ensuring every top-tier detective should do a 5-year stint working directly and only for a mafia crime family, switching back and forth every 5 years.
Totally normal
The "corruption merry-go-round."
All wealth and luxury until the guillotine-go-round shows up.
Liberty is a demand. Tyranny is submission..
When the music's over he can turn out the lights in the kids' room.
Is this a circle of jerks??!
Donoghue? That's Irish. Are all the Tribesmen used up?
This is just one more example of how/why 'America' has become the corrupt cesspool that it is. Sadly 'The Status Quo Has Got To Go' before this ship can ever be 'righted'....There is no 'Justice' in the Land of the Free & the Home of the Brave....
If you think the SEC is inept and crooked, try having a conversation with a FINRA auditor.
Probably something in his GS Contract that stipulates if he leaves for a job with Treasury, FED, SEC, FINRA, FDIC, or DOJ he gets like a million dollar severance package.
Should be Illegal.
Lawyers are your Friend. The BAR Association will take good care you and your rights.
It's great, now the SEC has all the insight from a goldmanite on how they use their loopholes.
revolving door? what door?
Donohue was "instrumental in developing regulations governing the asset management industry and was responsible for policy and oversight."
Might be better just to keep quiet about all that.
nothing is going to change this sort of thing so long as the two party system dominates and is itself dominated by the usual suspects.
When the tea party and black protesters and occupy people figure out that for all their differences they are getting fucked by a government that plans to strip more and more away from them, maybe then peaceful non-violent protest will lead to reform.
But all resistance to the Borg is well divided, and no leader, unless he comes from the Sky, will emerge capable of uniting them.
For fuck's sake most of the country buys the 911 narrative. Which should make you wonder what tptb will do *next* to get their war on Iran and full on police state.
I have to admit, I basically think it is hopeless. Mass media is controlled, politics is controlled, and soon, they will come hard after free speech on the web and active disruption of sites they don't like. First on the menu will be "conspiracy theories" and criticism of the US or Israeli or UK government.
With no god in the sky, and no righteous king to petition, what can you do but pour a drink and prepare to watch it all burn.
Khazar scum