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Pam and Russ Martens: Academic study documents revolving door between big banks and regulators
By Pam and Russ Martens
Wall Street on Parade
Thursday, May 30, 2024
On January 18, 2019, the Cambridge University Press published a stunning research paper from the Journal of Institutional Economics. The paper provides the hard numbers to support the thesis that federal banking and securities regulators have arrived at a deep understanding and acceptance that the more connections they acquire while working in government and the more prominent their position becomes -- the fatter their future paycheck will be once they make the leap to a megabank on Wall Street.
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The authors call what the "public servants" are selling to their prospective Wall Street employers "bureaucratic capital." The authors then provide the hard data in the chart published with this column showing that Goldman Sachs, JPMorgan, and Citigroup are light years ahead of their peers in monetizing public service to fatten their own bottom lines and create an influence network. ...
The brilliant study is by Dr. Elise S. Brezis, professor of economics at Bar-Ilan University in Israel, who received her Ph.D in economics from MIT; and Dr. Joël Cariolle, research officer at the Foundation for Studies and Research on International Development in France. ...
... For the remainder of the commentary:
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