The financial meltdown of 2008 kicked off a battle royale between the futures industry/financial institutions and Washington, and the legislative crackdown on trading and finance rages on today. But lately, instead of trying to reign in or regulate financial institutions, some Washington veterans are choosing instead to join them.
Last week, Peter Roberson was named vice president of government relations at the Intercontinental Exchange. Previously, he was a House Financial Services Committee adviser dealing with banks and exchanges. According to Business Week, Roberson is now banned from contacting his former staff. His former boss, Rep. Barney Frank, a major force in financial regulatory reform efforts, reportedly isn't thrilled about Roberson's new gig and criticized him for the move.
Then, there's Jon Corzine. The former senator and New Jersey governor was named CEO of MF Globallast month. Now in London, he will be, according to an MF Global representative, settling into his new role over the next month. In an e-mailed statement, Corzine told Futures, “I am extremely excited about the opportunity to lead MF Global. In both the near- and long-term, we are focused on bringing excellence to every interaction we have with our clients and enhancing the value-added service we deliver globally."
For a lighter item on Corzine, check out this Bloomberg story on how he used his gubernatorial power to score tickets to Bruce Springsteen, U2 and the Jonas Brothers (really?), ahead of the general public. Maybe that determination and cunning will serve him well in his new position at MF Global...