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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
    Jay (profile), 23 Feb 2011 @ 12:50am

    Re: closing the loop

    We kind of can. It's really an Open Secret

    See also:

    Mitch Glazier

    Mitch Bainwol

    Better yet...

    Look at the former members of Congress

    Yeah... there's a pattern.

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