FBI Securities Fraud Chief Takes Revolving Door To Goldman Sachs

[think]

FBI Securities Fraud Chief Takes Revolving Door To Goldman Sachs

Posted By: Clayton Browne - May 26, 2015 12:26:14 PM

In another example of the federal government to Wall Street revolving door, FBI securities fraud division chief Patrick Carroll resigned over the weekend to take a position at Goldman Sachs Group Inc (NYSE:GS).

Bloomberg is reporting that Patrick Carroll, the FBI agent who headed up the Bernie Madoff investigation and was heavily involved in the use of wiretaps that led to insider-trading convictions, has taken a job with the Goldman Sachs Group.

Carroll has switched allegiances to the investment bank after after 25 years with the FBI. He is just the latest in a strong of former federal government officials who have ended up at high-paying jobs on Wall Street. Apparently, Carroll has become a vice president in GS’s compliance, surveillance and strategy group, which is managed by Alan Cohen.

~Snip~

Can be seen as a major coup for Goldman Sachs

“It’s really about how Goldman is reacting to the tidal wave of litigation that now seems to be part of the ongoing government toolkit for regulating banks,” commented Roy Smith, a professor of finance at NYU’s Stern School of Business and himself an ex-Goldman employee. “It can help to have some people who know how government prosecutors and investigators think, some guy who has the mindset of an alligator.”

Full article:
http://www.valuewalk.com/2015/05/revolving-door-goldman-sachs/

[Wellstone ruled]

1. Silence of the Lamb's.

You just new one of these days this was going to happen. It is all about the MONEY. F---any rule of ethics or law.

[think]

2. Disgusting isn't it. In related news: Revolving Door Reverses: Goldman’s Donohue Back To SEC

Revolving Door Reverses: Goldman’s Donohue Back To SEC

Posted By: Clayton Browne - May 29, 2015 09:17:17 AM

They say everything comes full circle in due time, and that is certainly the case with the career of Andrew “Buddy” Donohue. In a revolving door redux, Donohue announced on Thursday that he will be resigning his position at Goldman Sachs Group Inc (NYSE:GS) to return the SEC where he previously served as head of investment management regulation from 2006 to 2010.

Donohue had been the top attorney in Goldman Sachs’ asset management unit, but will be leaving the bank to become the top aide to U.S. Securities and Exchange Commission Chair Mary Jo White, according to a statement released by the agency Thursday afternoon. Political analysts say that Donohue's appointment will add an industry veteran to White’s staff as the agency fends off questions regarding its oversight of the asset management industry.


~Snip~

Statement from critics of Washington - Wall Street revolving door

The revolving door where executives move back and forth between Washington and Wall Street is spinning at high speed these days, and critics argue the endemic practice gives the financial industry too much say over the rules of the game.

“The revolving door and the pernicious outsized influence Wall Street has over elected officials, policy makers and regulators are seriously eroding confidence of the American people in its own government and democracy itself,” Dennis Kelleher, president of Better Markets, a group advocating for tighter regulation of Wall Street, noted. “This hire will only feed that cynicism.”

Full article:
http://www.valuewalk.com/2015/05/revolving-door-sec/

[Wellstone ruled]

6. As a realest,

we have tried to make a difference on State and Local Democratic Party Interests. Learned the true lesson of D.C.back in the Sixties working on a Presidential Campaign in both Minnesota and Wisconsin. The Washington game is all about Wealth,Power,and Families. Anyone on the outside has to gain entry via Bastardizing one's ethics for wealth and your fifteen minutes of fame and glory. One trip to D.C. for a job interview pretty much did it for us. A Senior Senatorial Aide took us aside and gave us the lay of the land and how things really work. We and I mean my Spouse and I,were diffidently not a fit. Country bumpkins in the big City. First question was,which company was my employer,meaning that was going to be our focus as to any Legislation we would be working on or their corporate wants and needs. Thanks but no thanks.

[peecoolyour]

3. Quelle surprise.

Their public sector tenure is merely an audition.

[whatthehey]

4. to play Devil's advocate I should ask

where an expert in securities should seek employment, other than in organizations which deal in securities? Should he apply to be a fighter pilot or a dentist? Most people with expertise and career success in a given field tend to stay in that field, for obvious reasons.

[GoneFishin]

5. It makes perfect sense. A cop who solves a lot of bank robberies will be most qualified to

rob banks successfully while putting his expertise to work.