9.17.2009

"Sen. Baucus, Take Note: Rep. Frank Bars Goldman Lobbyist"

As DKOS' bobswern said, take note Sen. Max Baucus. This is how you prevent yourself from being unduly influence by the very indutry you're supposed to be reforming and regulating.

House Financial Services Committee Chair Barney Frank has banned lobbyists from Goldman Sachs from communicating with his panel while they work on financial reform proposals. Imagine that! Barney Frank doesn't want Wall Street to dictate to his committee what should or shouldn't be in a bill dedicated to reforming Wall Street after the worst financial catastrophe since the great depression caused in large part to their greed, negligent and outright criminality!

Via Reuters:
WASHINGTON, Sept 16 (Reuters) - A top lobbyist for Wall Street giant Goldman Sachs (GS.N) has been barred from communicating with members and staff of the U.S. House of Representatives Financial Services Committee, an aide to the panel's chairman said on Wednesday.

Democratic Representative Barney Frank has banished Goldman's Michael Paese, a former committee staffer, from dealing with the panel while it considers a long list of financial reform proposals, some directly impacting Goldman.

"Mr. Paese left our offices in September 2008, and was not allowed to communicate with any committee members or staff for a period of one year due to normal ethics restrictions that apply to all House and Senate employees," said Frank aide Steven Adamske in a statement.

"Out of an abundance of caution due to the nature of financial regulation reform, the chairman has extended Mr. Paese's recusal for another year," Adamske said.

[snip]

In an example of the Washington-Wall Street revolving door culture, Paese was the committee's deputy staff director before he quit to work for the Securities Industry and Financial Markets Association as a lobbyist. Goldman hired him in April.

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