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Wed Feb 27, 2013, 04:17 PM

Lobbyists and Legislators, working both sides of the street - Bill Moyers and Michael Winship


The Revolving Door Spins from Sea to Shining Sea

"The temptation for officeholders to seek greener pastures in lobbying can be even greater in statehouses where salaries are small and legislative sessions infrequent."


http://billmoyers.com/2013/02/26/the-revolving-door-spins-from-sea-to-shining-sea/

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Jesse Eisinger, writing at The New York Times, reports that on January 25, Senate Majority leader Harry Reid announced the appointment of Cathy Koch as his chief advisor on tax and economic policy. According to the Times, “The news release lists Ms. Koch’s admirable and formidable experience in the public sector. ‘Prior to joining Senator Reid’s office,’ the release says, ‘Koch served as tax chief at the Senate Finance Committee.’”

But, Eisinger notes, the press statement fails to mention Ms. Koch’s actual last job — as a registered lobbyist for GE. “Yes, General Electric,” he writes, “the company that paid almost no taxes in 2010. Just as the tax reform debate is heating up, Mr. Reid has put in place a person who is extraordinarily positioned to torpedo any tax reform that might draw a dollar out of GE — and, by extension, any big corporation.”

One other example cited in the Times article: Julie Williams, chief counsel for the Office of the Comptroller of the Currency — “and a major friend of the banks for years” — has been forced out of the OCC by its new boss and is joining Promontory Financial Group, “a classic Washington creature that is a private sector mirror image of a regulatory body.”

Promontory plays both sides of the field, helping financial companies hack their way through the bogs of regulation while simultaneously “helping” the OCC review said regulations — like the just abandoned Independent Foreclosure Review that essentially let the banks hire outside “experts” to decide who had been victimized by the banks’ abuse of mortgages. Result: not a dime to affected homeowners but $1.5 billion in consulting fees to Promontory and other companies like it.
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