Stocking the federal bureaucracy with people who profit from it, however, less so:
The Obama Administration is close to nominating Sharon Bowen, a Wall Street securities lawyer, to become one of five commissioners on the Commodity Futures Trading Commission (CFTC), according to multiple sources who have learned of the nomination. Bowen would replace outgoing commissioner Bart Chilton, an outspoken voice for tougher regulation; he was instrumental in beating back bank lobbyists and writing unexpectedly robust rules for derivatives and restricting proprietary trading. But advocates for tighter rules on Wall Street, who are working on the nomination and requested anonymity, expressed concern to The New Republic that Bowen, a partner in the New York office of Latham & Watkins, which has represented several big financial institutions, has little background in derivatives, commodities or agricultural markets---the core subjects of CFTC regulation---and no track record for reform.
This is why, among other reasons, it's difficult to take the administration seriously on its newfound populism. I mean, if you really want to strengthen the regulatory regime, how about appointing someone with experience in, like, regulating instead of someone whose experience---most likely---is in finding legal loopholes to dodge regulations? That's what corporate attorneys get paid to do, you know! Sure, this could be an "It takes a thief" appointment, but it also highlights the recurring tendency of this administration to rely on corporate persons to solve problems that corporate persons created.
(Via.)
---Baron V
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