February 8, 2012

MORE SUPPORT FOR MY REVOLVING DOOR TAX on former government officials: “The New York Times reports that the chief of the securities fraud unit for the United States attorney’s office in Manhattan, Christopher Garcia, is leaving to become a $1.2 million-a-year white collar defense lawyer at Weil, Gotshal & Manges.”

But wait, there’s more:

The Beacon focuses on Ron Klein, a former Democratic Congressman from Florida who is a registered lobbyist for Spirit. The Holland & Knight press release announcing Mr. Klein’s hiring says, “As a member of the House Financial Services Committee and Foreign Affairs Committee, he was instrumental in drafting and passing major pieces of legislation including the Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010. Due to his background with healthcare businesses and regulation, Klein was also an active participant in the negotiation and passage of the Patient Protection and Affordable Care Act.” It also says, “Holland & Knight is pleased to announce that former U.S. Representative Ron Klein (D-FL) has joined the firm’s Public Policy & Regulation Group as a partner. Klein will play a major role providing strategic counsel to clients in the area of government regulation and compliance in the financial services, healthcare and energy sectors.”

This is a textbook example of how the revolving door works. The congressmen pass these pieces of legislation that are so complicated and burdensome that one of the only rational ways for businesses to respond is to hire one of the people who wrote it to advise them on how to either comply with it or legally get around it.

Well, I’ve got a proposal to address this. Shared sacrifice!

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