As soon-to-be departing Treasury Secretary “Tiny” Tim Geithner surveys a doubtless array of plum job offers in investment banks, we liked this article this morning on the revolving door that has been allowed to swing both ways so freely between government and business. This is an embarrassment and an affront to democratic processes and especially in western countries who seek to lead the free world. There simply has to be a law put in place that if you take a job in government you are not then allowed to go back to employment as a lobbyist in a related area in the private sector for at least 5 years. Similar idea to a “non-compete” agreement. Read: When a Congressman becomes a Lobbyist he gets a 1452% raise (on average). To wit:
“Selling out pays. If you’re a corporation or lobbyist, what’s the best way to “buy” a member of Congress? Secretly promise them a million dollars or more in pay if they come to work for you after they leave office. Once a public official makes a deal to go to work for a lobbying firm or corporation after leaving office, he or she becomes loyal to the future employer. And since those deals are done in secret, legislators are largely free to pass laws, special tax cuts, or earmarks that benefit their future employer with little or no accountability to the public. While campaign contributions and super PACS are a big problem, the every day bribery of the revolving door may be the most pernicious form of corruption today.”
