After the architects of Dodd-Frank finished fashioning a heavier yoke for Wall Street, more than two dozen left their comfy government jobs and found profitable employment in the private sector, The Hill newspaper reports.
After all, what firm under the burden of 19,000 newly written pages of regulatory gobbledygook (and that's only 40 percent of Dodd-Frank's regulations) wouldn't jump at the opportunity to hire, usually at a premium, someone who knows the ins and outs of the law's many mandates? As one headhunter told The Hill, “these people are walking gold.”
For example, Mary Schapiro left her perch at the Securities and Exchange Commission for the Promontory Financial Group, a financial consulting firm, The Hill reports.
But the sensitive, if not defensive, designers of Dodd-Frank vehemently reject the notion that they're helping clients or employers skirt the law. Still, their government “experience” is no hindrance to their future earning potential.
And for what but a mishmash of new regulations that neither address nor remedy the 2008 fiscal implosion.
“Congress evidently ignored the fact that Dodd-Frank further empowers the very regulators that failed to prevent the financial crisis,” writes Heritage Foundation fellow Diane Katz.
Clearly Dodd-Frank's enhanced “security” applies primarily to those former government servants who engineered this train wreck.