“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.”
“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.”
Read the full Value Walk article by Clayton Browne here.