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The high-stakes world of Pentagon lobbying is being altered by the rise of defense technology startups. Retiring generals and departing top Pentagon officials once migrated regularly to the big established weapons makers like Lockheed Martin and Boeing. Now they are increasingly flocking to venture capital firms that have collectively pumped billions of dollars into Silicon Valley-style startups offering the Pentagon new war-fighting tools like autonomous killer drones, hypersonic jets and space surveillance equipment. The New York Times has identified at least 50 former Pentagon and national security officials, most of whom left the federal government in the last five years, who are now working in defense-related venture capital or private equity as executives or advisers. In many cases, The Times confirmed that they continued to interact regularly with Pentagon officials or members of Congress to push for policy changes or increases in military spending that could benefit firms they have invested in. Pentagon procurement officials confirmed that they had repeatedly met with former Defense Department officials who are now venture capitalists. They said recommendations pushed by the venture capitalists had played a role in changes they are making in the way they acquire technology. In the last four years, at least $125 billion of venture capital has flooded into startups that build defense technology ... compared with $43 billion in the prior four years.
Note: If you can't access the above article, here's an alternate link. Learn more about arms industry corruption in our comprehensive Military-Intelligence Corruption Information Center. For more along these lines, see concise summaries of deeply revealing news articles on military corruption from reliable major media sources.
While I was out of town on business, I got a call from my dad who told me my husband Woody had been found hanging—dead at age 37. Woody wasn’t depressed and he hadn’t had a history of depression nor any other mental illness. His doctor had prescribed the antidepressant Zoloft to take the edge off. In the following weeks, I started to investigate, to try and understand why my perfectly normal husband had decided to end his life. The only thing that made sense ... Zoloft. Figuring out Zoloft’s dangers completely altered my life’s trajectory, absorbing years of my time. Today, I sit on one of the Food and Drug Administration (FDA) advisory committees that reviews new drugs coming to market. I initially thought that what I was learning about Zoloft was just an isolated issue with antidepressants. But I soon realized it was part of a much bigger, systemic problem with our nation’s drug safety system. The pharmaceutical industry is driven by commercial interests, not public health, and this problem is compounded by a lack of transparency, conflicts of interests, manipulation of clinical trials, and undue corporate influence across the government. Marketing companies ghostwrite pharmaceutical studies for academics who sometimes barely read the papers that get submitted to medical journals, and drug makers then cite these ghostwritten studies as peer-reviewed proof of their products’ safety and efficacy. The revolving door between Big Pharma and the FDA spins faster than the one between the Pentagon and the defense industry.
Note: This guest essay is written by Kim Witczak, a globally renowned advocate for pharmaceutical drug safety and FDA reform. Antidepressants have been found to increase the risk of suicide in some patients. For more along these lines, see concise summaries of deeply revealing news articles on health and Big Pharma corruption from reliable major media sources.
More than 80 percent of four-star officers retiring from the U.S. armed forces go on to work in the defense industry, a new study has found, underscoring the close relationship between top U.S. brass and government-contracted companies. Twenty-six of 32 four-star admirals and generals who retired from June 2018 to July 2023 were later employed in roles including executive, adviser, board member or lobbyist for companies with significant defense business, according to the analysis from the Quincy Institute for Responsible Statecraft, a think tank that advocates restraining the military’s role in U.S. foreign policy. “The revolving door between the U.S. government and the arms industry, which involves hundreds of senior Pentagon officials and military officers every year, generates the appearance — and in some cases the reality — of conflicts of interest in the making of defense policy and in the shaping of the size and composition of the Pentagon budget,” authors William Hartung and Dillon Fisher wrote. The findings shed new light on a phenomenon examined in a 2021 report from the Government Accountability Office, which found that 14 major defense contractors ... employed 1,700 former senior officials or acquisition officials in 2019. The GAO concluded that while defense contractors benefit from the practice, it could “affect public confidence in the government” by creating a perception that military officials may favor a company they see as a future employer.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the military and in the corporate world from reliable major media sources.
Louis Milione retired from the DEA a second time this summer amid reporting by The Associated Press on potential conflicts caused by his prior consulting for the pharmaceutical industry. Less than three months later, Milione again landed a plum job at Guidepost Solutions, a New York-based firm hired by some of the same companies he had been tasked with regulating when he returned to the DEA in 2021. Milione had spent four years at Guidepost prior to his return, leveraging his extensive experience and contacts from a 21-year DEA career. Milione is the most senior of a slew of DEA officials to have traded their badge and gun for a globe-trotting consulting job. His career stands out for two cycles through the revolving door between government and industry, raising questions about the potential impact on the DEA’s mission to police drug companies blamed for tens of thousands of American overdose deaths. Milione’s private-sector clientele also included Morris & Dickson Co., the nation’s fourth-largest wholesale drug distributor, as it tried to stave off DEA sanctions for disregarding thousands of suspicious, high-volume orders. The DEA allowed the company to continue shipping drugs for nearly four years after a judge recommended its license be revoked for “cavalier disregard” of rules aimed at preventing opioid abuse. It was not until AP began asking questions this spring that the DEA moved to finally strip the Shreveport, Louisiana-based company of its license to distribute highly addictive painkillers.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the pharmaceutical industry from reliable major media sources.
A 2022 investigation by the journal The BMJ declared that FDA oversight of clinical trials, including those for Pfizer and Moderna's mRNA Covid-19 vaccines, was "grossly inadequate," from not conducting enough inspections to failing to alert scientific journals or the public when violations were flagged. But the issues here are not confined to behind the pharmacy counter. Dr. John Abramson, author of the recent book "Sickening: How Big Pharma Broke American Health Care and How We Can Repair It," traces the roots of issue back decades. "In 1992, when what turned out to be effective HIV drugs were stuck in the bottleneck of the FDA, they didn't have enough staff to get them through quickly enough. Many people were dying, and it was a real crisis," he explains. "The solution was that the Prescription Drug User Fee Agreement was passed. The drug companies started to pay a user fee with that was due upon application for new drug approval. And now roughly 65% of the FDA budget for overseeing human products comes from the drug and device companies. This comes with rigid timelines, and as I see from the outside, some degree of influence and obligation to the drug companies that derives from this agreement." The numbers here vary — Forbes puts that budget figure as high as 75%. Another similar conflict of interest that concerns Abramson is what he calls "the revolving door that goes between FDA and the drug industry."
Note: Read about Brook Jackson, a researcher for the Pfizer COVID-19 vaccine trials, who discovered patient safety concerns, data integrity issues, and other significant issues at her site. When she reported it to the FDA, she was fired the same day. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and health from reliable major media sources.
Alan Davidson currently leads the National Telecommunications and Information Administration, or NTIA, the agency now crafting recommendations on how federal regulators can hold AI companies accountable. But for years, he worked as Google's chief lobbyist in Washington. NTIA's recommendations will help form the basis of the Biden administration's response to AI and machine learning. "People are warning that there are really serious downsides possible to AI, and I would want a hard-headed regulator to run down those concerns," said Jeff Hauser, the executive director of the Revolving Door Project, a watchdog focused on conflicts of interest in government. "Davidson is not likely, based on his CV, to be detached." Rapid advances in AI present a potential turning point for Silicon Valley's dominant tech firms. Notably, the first company to capture national attention with the launch of a new AI product was not a household name, like Google or Microsoft, but the independent research lab OpenAI, with its splashy launch of ChatGPT. Google reportedly sees the AI products it has in the pipeline as so pivotal to the company's future that Sergey Brin, the Google co-founder lately absorbed with outside projects, has returned to company headquarters to work directly with the team building its flagship AI system. "Google is the biggest player who cares about this issue," [said former Hill aide involved in antitrust policy]. "I cannot imagine Google doesn't view Alan Davidson as an asset to them."
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world from reliable major media sources.
It had been 15 years since the U.S. invaded Iraq when, on March 19, 2018, the celebrated Iraqi novelist and poet Sinan Antoon published a blistering op-ed in The New York Times. He took readers through his observations of the steady deterioration of Iraqi society since the war began, but the most scathing words came toward the end. “No one knows for certain how many Iraqis have died as a result of the invasion 15 years ago,” Antoon wrote. “Some credible estimates put the number at more than one million. You can read that sentence again. The invasion of Iraq is often spoken of in the United States as a ‘blunder,’ or even a ‘colossal mistake.’ It was a crime. Those who perpetrated it are still at large.” That the invasion was not just a moral catastrophe but an egregious war crime has been echoed by everyone from United Nations heads to human rights leaders. With the 20th anniversary of the invasion now approaching, the sanitizing of the war’s major culprits — or, at the very least, the soft forgetting of their crimes — continues. As the very top decision-makers faded into retirement, the next layer of war pushers, enablers and overseers — the top defense and national security officials and the celebrity generals — went on to profit immensely following their leadership of an illegal war, darting through the revolving door to snag coveted corporate board seats and prestigious university appointments. Many of them remain in these positions with defense industry giants, tech firms and Wall Street investors today.
Note: For more along these lines, see concise summaries of deeply revealing news articles on military corruption and war from reliable major media sources.
Less than six months into the Biden administration, more than 15 consultants from the firm WestExec Advisors have fanned out across the White House, its foreign policy apparatus, and its law enforcement institutions. Five, some of whom already have jobs with the administration, have been nominated for high-ranking posts, and four others served on the Biden-Harris transition team. Even by Washington standards, it’s a remarkable march through the revolving door, especially for a firm that only launched in 2017. The pipeline has produced a dominance of WestExec alums throughout the administration, installed in senior roles as influential as director of national intelligence and secretary of state. WestExec clients, meanwhile, have controversial interests in tech and defense that intersect with the policies their former consultants are now in a position to set and execute. The creeping monopolization of foreign policymaking by a single boutique consulting firm has gone largely unnoticed. The firm describes one of its chief selling points as its “unparalleled geopolitical risk analysis,” now confirmed by the saturation of its employees in positions of power. WestExec has also succeeded in getting tech startups into defense contracts. Deputy Director of the CIA David S. Cohen was an early member of WestExec’s “core team.” But it’s impossible to know who his clients were, because an exemption for the spy agencies’ officials means that his disclosure is not publicly available.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
The Hamblen County Jail has been described as a dangerously overcrowded cesspool of a dungeon, with inmates sleeping on mats in the hallways, lawyers forced to meet their clients in a supply closet and the people inside subjected to horrible conditions every day. Since 2013, the number of people locked up in rural, conservative counties such as Hamblen has skyrocketed. Like a lot of Appalachia, Morristown, Tenn. ... has been devastated by methamphetamine and opioid use. Residents who commit crimes to support their addiction pack the 255-bed jail, which had 439 inmates at the end of October. While jail populations have dropped 18 percent in urban areas since 2013, they have climbed 27 percent in rural areas during that same period. Almost everyone in the county jail is there because of charges related to addiction, said the sheriff, Esco Jarnagin. Defense lawyers have proposed other options to address the crisis, including a pilot program [that] would have allowed some low-risk defendants to avoid having to post bail. But judges rejected the proposal because of fears that defendants would flee, said Willie Santana ... who is now one of four lawyers in the Hamblen County public defenders office. The whole system is geared toward generating pleas and putting people in jail, he said. For many inmates, that means the jail has been a revolving door. More than three-quarters of the 850 new cases that Mr. Santana handled in the past year involved a client who had previously been incarcerated.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the courts and in the prison system.
What happens when government leaders leave Washington for cushy jobs on corporate boards? Former Food and Drug Administration (FDA) Commissioner Scott Gottlieb is just the latest administration official to go through the revolving door after his second tour at the FDA. Gottlieb recently resigned from his spot as the top federal drug regulator to take on a role at Pfizer—the top drug producer in the United States. But Gottlieb’s hiring is just the latest in a long line of moves to fortify the industry’s influence in Washington. Big Pharma spending on lobbying eclipses every other industry according to the Center for Responsive Politics. Current Health and Human Services Secretary Alex Azar - Gottlieb’s former boss - used to be president of Lilly USA, the U.S. branch of pharmaceutical giant Eli Lilly. Trump lauded his appointment by calling Azar a “star for better healthcare and lower drug prices,” but during his time there the company raised the brand’s insulin prices threefold creating a crisis and drawing public outrage. A study last year found more than 160 former lobbyists serving in the Trump administration - and those industry ties point to an administration that puts the priorities of large corporations over those of the American people. Corporate executives and industry lobbyists cannot be effective regulators of the industries that have made them millions. The revolving door is an age-old problem in Washington but the scope and volume of the conflicts in the current administration ... is unprecedented.
Note: For lots more on the revolving door between government and big Pharma, see the “Revolving Door Project” and read this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and Big Pharma profiteering from reliable major media sources.
The global insulin market is dominated by three companies: Eli Lilly, the French company Sanofi and the Danish firm Novo Nordisk. All three have raised list prices to similar levels. According to IBM Watson Health data, Sanofis popular insulin brand Lantus was $35 a vial when it was introduced in 2001; its now $270. Novo Nordisks Novolog was priced at $40 in 2001, and as of July 2018, its $289. The companies appear to have increased [prices] in lockstep over a number of years, prompting allegations of price fixing. All three companies denied these charges. (In 2010, Mexico fined Eli Lilly and three Mexican companies for price collusion on insulin, an allegation Eli Lilly also denied.) In the United States, a federal prosecutor and at least five state attorneys general are currently investigating the companies pricing practices. There is also another, less known corporate entity in the mix: pharmacy benefit managers (PBMs), which include Express Scripts, OptumRx and CVS Health; all are now named in lawsuits on high insulin prices. These corporate entities are powerful special interests. In 2017, the pharmaceutical and health product industry ... spent nearly $280 million on lobbying, the biggest spender by far of 20 top industries, according to the Center for Responsive Politics. The industry also has a revolving door to government. Alex Azar, the head of the Department of Health and Human Services, was the president of Eli Lillys U.S. division until 2017.
Note: For more along these lines, see concise summaries of deeply revealing news articles on pharmaceutical industry corruption from reliable major media sources.
Sen. Elizabeth Warren on Tuesday introduced what she describes as the most ambitious anti-corruption legislation since Watergate. Warren's Anti-Corruption and Public Integrity Act ... aims to nix the influence of big money in politics. The legislation would "padlock" the revolving door in Washington by placing a lifetime ban on lobbying by former members of Congress, presidents and agency heads. The legislation would also expand the definition of who is a lobbyist to anyone who spends any time attempting to influence government. The proposal would also prohibit the world's largest companies, something defined by a company's annual revenue or market capitalization, from hiring or paying any former senior government official for four years after they leave government. Former senior officials would also have to file income disclosures for four years after federal employment. Warren's legislation would also ban members of Congress, cabinet secretaries, federal judges and other top government officials from owning and trading stocks. Currently, members simply need to disclose their stocks and trades. The bill would also create an entirely new office designed to police public corruption, called the Office of the Public Integrity, to strengthen enforcement and investigate possible violations.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
As president, Barack Obama oversaw a civil rights renaissance. But his failure to prosecute Wall Street executives for causing the collapse of the housing market ushered in an era of populist rage ... according to Jesse Eisingers new book, The Chickenshit Club. If they had, the history of the country would be different, Eisinger, a veteran financial reporter at ProPublica whose investigation on shady crisis-era Wall Street practices won a Pulitzer Prize, [said]. There would be a sense of accountability after the crisis, the reforms would be tougher. The book traces Department of Justice impotence on corporate crime back two decades. Changes to the way the Justice Department treated white collar crime came into sharp relief after the 2007 financial crisis. [A] Corporate Fraud Task Force [created in] 2002 boasted nearly 1,300 fraud convictions by the time Obama replaced it in 2009 with the Financial Fraud Enforcement Task Force. The new entity [lacked] the focus or prosecutorial muscle of its predecessor. The first stages of a corporate criminal probe are typically carried out by a law firm hired by the company under investigation. The great secret to corporate criminal prosecution is that we have privatized and outsourced it to the companies themselves, Eisinger said. The company is going to be studiously incurious about following investigative threads that might lead to the CEO or board rooms. Instead, they point the finger at a middle manager or someone expendable, and thats the person who gets indicted by the general government.
Note: The revolving door between Washington and Wall Street leads to corruption in government and in the financial industry.
In New Orleans after Hurricane Katrina, I watched hordes of private military contractors descend on the flooded city to find ways to profit from the disaster, even as thousands of the citys residents, abandoned by their government, were treated like dangerous criminals just for trying to survive. I started to notice the same tactics in disaster zones around the world. I used the term shock doctrine to describe the brutal tactic of using the publics disorientation following a collective shock wars, coups, terrorist attacks, market crashes or natural disasters to push through radical pro-corporate measures. As Lee Fang reported ... President Donald Trump [appointed] defence contractors and lobbyists to key government positions as he seeks to rapidly expand the military budget and homeland security programmes At least 15 officials with financial ties to defence contractors have been either nominated or appointed so far. One noticeable thing about Trumps contractor appointees is how many of them come from firms that did not even exist before 9/11: L-1 Identity Solutions (specialising in biometrics), the Chertoff Group (founded by George W Bushs homeland security director Michael Chertoff), Palantir Technologies (a surveillance/big data firm cofounded by PayPal billionaire and Trump backer Peter Thiel), and many more. This creates a disastrous cocktail. Take a group of people who directly profit from ongoing war and then put those same people at the heart of government. Whos going to make the case for peace?
Note: The above article was extracted from bestselling author Naomi Klein's new book, "No Is Not Enough: Defeating the New Shock Politics". For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
More than a quarter of the Food and Drug Administration employees who approved cancer and hematology drugs from 2001 through 2010 left the agency and now work or consult for pharmaceutical companies, according to research published by a prominent medical journal. [Dr. Vinay] Prasad and his colleague Dr. Jeffrey Bien ... tracked 55 FDA reviewers in the hematology-oncology field from 2001 through 2010, using LinkedIn, PubMed and other publicly available job data. The researchers found that of the 26 reviewers who left the FDA during this period, 15 of them, or 57 percent, later worked or consulted for the biopharmaceutical industry. Put another way, about 27 percent of the total number of reviewers left their federal oversight posts to work for the industry they previously regulated. Prasad and Bien published their findings as a research letter in The BMJ, formerly The British Medical Journal. "If you know in the back of your mind that your career goal may be to someday work on the other side of the table, I wonder whether that changes the way you regulate," Prasad said. "There's a lot of room for interpretation in deciding whether or not a cancer drug should be approved," he said, because so many studies of cancer drugs rely on what's called a "surrogate endpoint." But ... there isn't always evidence that surrogate endpoints are linked to better health outcomes for patients, suggesting that some approved drugs aren't as beneficial as they appear.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the pharmaceutical industry from reliable major media sources.
The CIA has a long history of spooking the news, dating back to its earliest days when the legendary spymaster Allen Dulles and his top staff drank and dined regularly with the press elite of New York and Washington, and the agency boasted hundreds of U.S. and foreign journalists as paid and unpaid assets. In 1977, after this systematic media manipulation was publicly exposed by congressional investigations, the CIA created an Office of Public Affairs that was tasked with guiding press coverage of intelligence matters. The intelligence empires efforts to manufacture the truth and mold public opinion are more vast and varied than ever before. One of its foremost assets? Hollywood. The agency has established a very active spin machine in the heart of the entertainment capital, which works strenuously to make sure the cloak-and-dagger world is presented in heroic terms. Since the mid-1990s, but especially after 9/11, American screenwriters, directors, and producers have traded positive portrayal of the spy profession in film or television projects for ... favors at CIA headquarters. As Hollywood became increasingly embedded with Langley ... CIA employees often saw their public-affairs colleagues giving various celebrities personalized tours of the headquarters. I cant tell you how many times this happened, recalled the former CIA officer John Kiriakou. Theres a revolving door between the CIA and Hollywood.
Note: Read how the Pentagon controls the script of hundreds of movies, some quite well known. For more along these lines, see concise summaries of deeply revealing news articles on intelligence agency corruption and the manipulation of public perception.
The secret tax-dodging strategies of the global elite in China, Russia, Brazil, the U.K., and beyond were exposed in speculator fashion by the recent Panama Papers investigation, fueling a worldwide demand for a crackdown on tax avoidance. But there is little appetite in Congress for taking on powerful tax dodgers in the U.S., where the practice has become commonplace ... especially given that some of the largest companies paying little to no federal taxes are among the biggest campaign contributors in the country. But theres another reason to remain skeptical that Congress will move aggressively on tax avoidance: Former tax lobbyists now run the tax-writing committees. Many have stints in and out of government and the lobbying profession, a phenomenon known as the reverse revolving door. In other words, the lobbyists that help special interest groups and wealthy individuals minimize their tax bills are not only everywhere on K Street, theyre literally managing the bodies that create tax law. Barbara Angus, the chief tax counsel of the House Ways and Means Committee ... previously helped lobby lawmakers on tax policy on behalf of clients such as General Electric, HSBC, and Microsoft. Mike Evans became chief counsel for the Senate Finance Committee in 2014 after leaving his job as a lobbyist for ... JP Morgan, Peabody Energy, Brown-Forman, BNSF Railway, and other corporate clients. Verizon, Boeing, and General Electric, to name a few, paid no federal income taxes in recent years.
Note: The US ranks third in the world in financial secrecy. A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
A U.S. watchdog agency is preparing to investigate whether the Federal Reserve and other regulators are too soft on the banks they are meant to police. Ranking representatives Maxine Waters of the House Financial Services Committee and Al Green of the Subcommittee on Oversight and Investigations asked the Government Accountability Office on Oct. 8 to launch the "evaluation of regulatory capture" and to focus on the New York Fed. The GAO said it has begun planning its approach. The probe, which had not been previously reported or made public, is the first by an outside agency into the perception that government regulators are "captured" by and too deferential toward the bankers they supervise, so that Wall Street benefits at the public's expense. Such perceptions have dogged the U.S. central bank since it failed to head off the 2007-2009 financial crisis. While the GAO has not yet determined the full scope of the investigation, the other main agencies that embed supervisors inside financial institutions are the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. In their letter, Waters and Green said they are particularly concerned about the New York Fed and reports of a "revolving door" between it and banks and "a reluctance to challenge" the firms.
Note: Are Goldman Sachs' suspicious ties to the New York Fed and the revolving door between Congress and Wall Street finally beginning to get serious attention? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
A group formed this year by executives and lobbyists for the defense contracting industry is taking credit for driving the national debate on foreign policy during the 2016 presidential election, and in particular for getting Republican presidential candidates to call for escalating military action in Syria. In an email to supporters over the weekend, Mike Rogers, the founder of Americans for Peace, Prosperity, and Security, hailed the group for pushing candidates on national security. The email also highlighted a quote from Jeb Bush at an APPS forum calling for the U.S. to be prepared for a long haul war on ISIS, and a similar comment from Sen. Marco Rubio, R-Fla., who said the U.S. should engage ISIS as it had against the Taliban in Afghanistan. APPS was formed by current and former officials from Raytheon, BAE Systems, SAIC, and other major defense contractors. Lobbyists who represent the defense industry are also involved. Rogers, the former House Intelligence Committee chairman who retired from Congress last year, also represents private clients. To help elect a president who supports American engagement and a strong foreign policy, the group spends money on public events in primary states and encourages presidential candidates to take hawkish positions.
Note: For more along these lines, see concise summaries of deeply revealing news articles about government corruption and the manipulation of public perception.
A former Goldman Sachs banker suspected of taking confidential documents from a source inside the government has agreed to plead guilty, a rare criminal action on Wall Street, where Goldman itself is facing an array of regulatory penalties over the leak. The banker and his source, who at the time of the leak was an employee at the Federal Reserve Bank of New York, one of Goldmans regulators, will accept a plea deal from federal prosecutors that could send them to prison for up to a year. Under a tentative deal ... Goldman would pay a fine of $50 million. For Goldman and the New York Fed, the case is likely to give new life to an embarrassing episode that illustrated the blurred lines between their institutions. Perhaps more than any other bank, Goldman swaps employees with the government, earning it the nickname Government Sachs. While the so-called revolving door is common on Wall Street, the investigation [affirms] the publics concerns that regulators and bankers, when intermingled, occasionally form unholy alliances. The Goldman banker, Rohit Bansal, previously spent seven years as a regulator at the New York Fed.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
