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Forum Post: How Wall Street Rewards Federal Regulators for Carrying Water

Posted 12 years ago on Jan. 11, 2012, 5:15 p.m. EST by philosophersstoned (233) from Gypsum, CO
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Taibbi: "While America focused on New Hampshire, a classic example of revolving-door politics took place in Washington, going almost completely unnoticed. It’s a move that ranks up there with the hire of Louisiana congressman Billy Tauzin to head the pharmaceutical lobbying conglomerate PhRMA -- at a salary of over $2 million a year -- immediately after Tauzin helped ram through the Medicare Prescription Drug Bill, a huge handout to the pharmaceutical industry.

In this case, the hire involves Walter Lukken, who toward the end of the Bush years was the acting head of the Commodity Futures Trading Commission. As the chief regulator of the commodities markets, it was Lukken’s job to spot and combat speculative abuses and manipulations that might have led to artificial price hikes and other disruptions."

Read more: http://www.rollingstone.com/politics/blogs/taibblog/revolving-door-from-top-futures-regulator-to-top-futures-lobbyist-20120111#ixzz1jBsjHCoN



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[-] 1 points by MonetizingDiscontent (1257) 12 years ago

~Really Good Post thanks for it~