Last week I wrote about my concerns regarding Mary Jo White, the former SEC chair who was leaving her post, to return to her former law firm. Ms. White’s performance while SEC chair was abysmal. However my main concern is not her performance, rather it is the continual revolving door that exists in D.C.
I commented, “The latest in the revolving door soap opera is Mary Jo White, whose work as chair of the Securities and Exchange Commission under former President Obama was a bitter disappointment to those who hoped she would actually enforce banking laws. Ms. White is rejoining the corporate defense team at Debevoise & Plimpton, marking her sixth trip through the revolving door between various government jobs and her former law firm. The law firm represents many major financial institutions under federal investigation, and Ms. White will be assisting these clients to “manage their legal exposure.”
Her replacement, President Trump’s pick for chairman of the Securities and Exchange Commission, corporate attorney, Walter J. (Jay) Clayton, a law partner at Sullivan & Cromwell has worked extensively with Goldman Sachs and has stated he wants to promote growth by scaling back regulations.