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Jun. 4 2009 - 8:48 am | 236 views | 2 recommendations | 10 comments

Ex-SEC chief reincarnated as Goldman Sachs policy adviser

Arthur Levitt Jr., the former chairman of the Securities and Exchange Commission, will advise the Goldman Sachs Group on public policy issues, the firm announced Tuesday.

via Arthur Levitt, Ex-S.E.C. Chairman, to Advise Goldman Sachs – NYTimes.com.

Well, here’s something amazing. It’s like protocapitalist buddhism: the endless life-cycle continues. Clinton’s SEC chairman, the man who powdered his nose and fondled himself for years and years while companies like Goldman Sachs bilked America with one “Bullshit.com” IPO after another, is now going to work for… wait for it… Goldman, Sachs. Nothing like years of hideously ineffectual non-enforcement to attract those lucrative Wall Street job offers!

More to the point, Levitt was one of the key figures who helped usher in the Financial Services Modernization Act (repealing Glass-Steagall) and the Commodity Futures Modernization Act (deregulating derivatives). Along with Bob Rubin, Larry Summers, and Alan Greenspan, Levitt helped convince Bill Clinton to make two of the most important bad decisions that led to this financial crisis. So it’s really a relief to see that he’s still around helping to liase between Goldman Sachs and the government. That portends well for the rest of us, doncha think?


10 Total Comments
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  1. collapse expand

    Why would they need anyone else besides Geithner to liaise between Government Sachs and the FedGov? Not much of a change from Paulson if you ask me…

  2. collapse expand

    Back when I was a young buck and still a member of the Uncle Sam Ain’t Released Me Yet club we had a joike about being issued the boxers that had a hole in the front and the back, so they don’t have to pull your pants down when they fucked us. I getting that old time feeling all over again. Jesus! I just hope we get a kiss now and then while we’re being screwed.

    BTW your boys at Monkey Business Blog have a pretty good post on Sister Mary Geithner if you haven’t stopped by in a while. The takedown of Paulson is a gem as well.

  3. collapse expand

    Oh c’mon, its either this or socialism. Amiright?

  4. collapse expand

    I’m wondering why, during all the heated debates over financial stability, there is little mention of the Depository Institutions Deregulation and Monetary Control Act? Where are the efforts to liquidate the financial super cells and relieve crippling interest rates? In the whole Hope/Change delusion, I fancied an Obama administration as TRON to Wall Street’s MCP, but they keep recruiting douchebags to serve as their fiscal hackers. Who do you have to screw to get an economic rescue around here?

  5. collapse expand

    At least he’s on the proper side of the equation now. In a way, he was always working for Goldman Sachs. Now at least it isn’t the taxpayers paying his salary to do so.

  6. collapse expand

    Matt, I live in New Jersey, and you might get some good sources from the morning DJs at NJ101.5, who have been digging into state pension abuse. Some part-time political patronage workers are receiving gold-plated pensions at taxpayer expense, and that radio station is the only place I’ve heard outrage.

  7. collapse expand

    Are we at the point where a party (or caucus of independent Congressmen) could actively run on purging Goldman Sacks from the halls of Government?

    I try not to engage in conspiracy theories, but Goldman appears to have co-opted both parties as they literally defraud the nation in the plain light of day.

    Can’t we just kill this company somehow. They appear to be a RICO.

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