It's safe to say that the revolving door between Washington and Wall Street isn't slowing. Recently retired Republican Senator Judd Gregg has joined investment banking titan Goldman Sachs. His move follows the path of former Obama administration budget director Peter Orszag -- he went to Citigroup last December.
Gregg wasn't just any senator: he was a prominent member of the Senate Banking Committee. That's the group that was mostly responsible for creating the giant financial regulation bill passed last summer. Yes, that's the same one big banks like Goldman are currently fighting to kill parts of. Here's part of Goldman's statement, via Jamie Klatell at The Hill:
"Judd Gregg's experience and insight will contribute significantly to our firm and our continuing focus on supporting economic growth," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc.
Gregg will "provide strategic advice" and "assist in business development initiatives," according to Goldman Sachs.
Indeed, there's little doubt that Gregg will be an asset to Goldman. He was a senator for 18 years, so he knows Washington and can carry Goldman's torch throughout the halls -- and backrooms -- of Congress.
Read the full story at The Hill.
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