And the DC/Wall Street revolving door for members of the money party continues:
If you missed the announcement late last week that Goldman Sachs hired former Republican Sen. Judd Gregg to be an international advisor, don’t blame yourself.
It came out Friday when most people were thinking more about the long holiday weekend ahead than the latest effort by the investment bank to add to its stable of worthies an influential former Capitol Hill lawmaker.
Anyway, the former senator from New Hampshire who, as you’ll recall, turned down President Obama’s offer of the Commerce Secretary’s job, will join Goldman’s board of international advisors, nearly 20 former corporate chief executives and government officials.
Their role is to use their smarts, experience and connections to help Goldman make as much money for its shareholders and clients as possible and to avoid situations like one The Wall Street Journal recounts in which Goldman, through bad financial bets, lost 98 percent of the value of a 2008 $1.3 billion investment by Libya then tried to make it up to the Libyans by offering them a large ownership interest in Goldman.
No shame. I guess Goldman and Gregg have decided that he has effectively avoided any charges related to the Abramoff scandal, so now his “connections” will be useful.