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Revolving Door Between Gov't And Industry Continues: Pharma Lawyer Goes To USPTO As Gov't Financial Regulator Goes To Wall St.

from the who-needs-bribes? dept

The level of regulatory capture between the government and industry is really quite sickening these days. There's a revolving door where government officials go work for industry and vice versa, with plenty of back-scratching in both directions. Two separate stories crossed my desk at about the same time, highlighting this in both directions. First up, it's really no surprise that one of the pharma industry's favorite lawyers has just become deputy director of the US Patent Office. Of course, the pharma industry is one of the more aggressive ones when it comes to expanding the power of patents, and abusing them to block innovation in healthcare. Now they have another person on the inside to help.

Going in the other direction, a senior "dealmaker" and advisor to the government's FDIC program has jumped ship to Goldman Sachs. That article lists a bunch of other top government officials involved in dealing with the financial crisis and setting the new regulatory rules, who have wasted little time in taking new jobs in the private sector on Wall Street. As some have pointed out, this kind of revolving door makes bribes totally unnecessary. You don't need any form of bribery or overt corruption, when the corruption is entirely implicit in the nature of the revolving door.
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Filed Under: corruption, patents, pharma, politics, revolving door, wall street

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  1. icon
    xs (profile), 23 Feb 2011 @ 7:12am

    Re: On the one hand, I say let's not *assume* corruption...

    The entire US political structure was based on the principle that public officials should not be assumed to be honest. All the check and balance designed into the system were there because the designer assumed officials could not be trusted to be honest, thus needing all the restraint in the system to stop them, and make exposing them easier if they do.

    All of these wink wink deals our politicians and private sections have going on right now is the result of us assuming there aren't any real corruption going on. The system can only work when the common people use the system as it's designed. When there's apparence of corruption, for the most part, there ARE corruptions.

    I think it's highly important for our public officials, lobbyists, and private sector heads to sign agreement barring working for the other side for a few years after ending the corrent employment.

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